1. USPS Proposes Reforms as It Revises Restructuring Plan

    As it continues to grapple with massive operating losses and seeks to avoid insolvency, the U.S. Postal Service overhauled its five-year restructuring plan in February, revising its cost-cutting projections and renewing its calls for legislative relief from Congress. The new plan aims to trim $20 billion in annual costs by 2015, rising to $22 billion the following year. Those reductions are designed to offset the sustained declines in First-Class Mail, the Postal Service's most profitable produc
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    1. The plan we have developed requires a combination of aggressive cost reduction, rethinking the way we manage our healthcare costs, and comprehensive legislation to reform the business model of the Postal Service.
    2. If provided the flexibility to quickly implement this plan, we can return to profitability and better serve the American public. If not, we risk becoming a significant burden to the American taxpayer.
    3. These prospective losses would be unsustainable and highly undesirable.
    4. The Postal Service cannot cut its way to financial health. The USPS must modernize, improve service and offer new products in order to succeed.
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