WASHINGTON (AP) — The head of the financially struggling U.S. Postal Service says the agency must be allowed to ease the terms of prepayments into a retiree health care fund and eliminate general mail delivery on Saturday. Patrick Donahoe tells "CBS This Morning" the agency isn't asking Congress for money. He says, "I think most people don't realize, we're 100 percent self-sufficient. We pay our own way." But the postal chief notes the agency is losing $15.9 billion this year. Donahoe says the post office needs to refinance retirement health fund payments to $1 billion a year instead of $5 billion. He says the Postal Service would continue package delivery on Saturday and keep post offices open. In this scenario, he says the agency could be $8 billion in the black each year.
Postal chief lays out plan for agency survival
Nov. 28 8:47 AM EST
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FILE - This Sept. 6, 2011 file photo shows Postmaster General Patrick Donahoe testifying on Capitol Hill in Washington. The struggling U.S. Postal Service on Thursday reported an annual loss of a record $15.9 billion, capping a tumultuous year in which it was forced to default for the first time on billions in payments to avert bankruptcy. (AP Photo/J. Scott Applewhite, File)
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