It doesn't receive an annual taxpayer subsidy, but is reimbursed by Congress for some services … The Postal Service is reeling from mail delays and financial problems at a time when record numbers of mail ballots are expected in the November presidential election because of the coronavirus pandemic. This material may not be published, broadcast, rewritten, or redistributed. Postal Service . Well, that’s what the U.S. 2. The United States Postal Service first began moving the mail on July 26, 1775, when the Second Continental Congress named Benjamin Franklin as the nation's first Postmaster General. USPS said quarterly revenue rose to $17.6 billion, up $547 million. When might you get Biden's $1,400 stimulus check? The Postal Service has a legal monopoly to deliver first-class mail and non-urgent letters. Postal Service’s requirement to prefund its long-term pension and healthcare liabilities is like. Holocaust survivors get virus vaccine on Auschwitz liberation day, Can schools safely reopen? Democrats have pushed for $10 billion for the Postal Service in talks with Republicans on a huge COVID-19 response bill. Copyright © 2021 CBS Interactive Inc. All rights reserved. The Postal Service has lost money for 13 consecutive years and a majority of those losses stemmed from the prefunding requirement. The agency is doing its part to control costs and increase efficiency, said DeJoy, a 63-year-old Republican fundraiser from North Carolina and a former supply-chain executive who took command June 15. The U.S. The U.S. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. In accepting the position, Franklin dedicated his efforts to fulfilling George Washington's vision. THEY LOSE A FORTUNE, and this will be changed.\" 641.433 Refunds The service reported a $4.5 billion loss for the quarter ending in March, before the full effects of the shutdown sank in. "By running our operations on time and on schedule, and by not incurring unnecessary overtime or other costs, we will enhance our ability to be sustainable and ... continue to provide high-quality, affordable service,'' DeJoy said. In their letter, the 84 House members said it is "vital that the Postal Service does not reduce mail delivery hours, which could harm rural communities, seniors, small businesses and millions of Americans who rely on the mail for critical letters and packages.'' Continuing: "The Postal Service reached its $15 billion credit limit with the Treasury Department in 2012. We'll forward your request to your local Post Office ™ facility to help locate any missing items. The United States Postal Service (USPS; also known as the Post Office, U.S. Mail, or Postal Service) is an independent agency of the executive branch of the United States federal government responsible for providing postal service in the United States, including its insular areas and associated states.It is one of the few government agencies explicitly authorized by the United States Constitution. In his remarks to the postal board of governors, DeJoy disputed reports that the agency is slowing down election mail or any other mail. Raising … Terms & Conditions. 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Don’t pay for return shipping, let the post office deal with it as if they pay the claim, it is technically theirs so your wasting return shipping. The U.S. Offers may be subject to change without notice. Peters is asking the public to provide their stories about delays or other problems with deliveries. The Associated Press contributed to this report. Start Your Form. In 1970, Congress removed the postmaster general … The Postal Service pays the difference between that insurer’s payment and the actual loss, provided it is judged to be a valid claim. It reported a net loss for the year of $3.9 billion, $1.2 billion more than its loss in the previous year.It also lost money in each quarter in FY 2018. 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