Obama proposes a bailout of Postal Service, cutting deliveries

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Obama proposes a bailout of Postal Service, cutting deliveries

By Steven Thomma | McClatchy Newspapers

WASHINGTON — Warning of an imminent financial crisis, President Barack Obama on Monday proposed bailing out the United States Postal Service, urging that it be allowed to cut mail delivery to five days a week and raise the price of stamps.

He also proposed allowing the service to get a $6.9 billion refund from an overfunded pension fund.

"Bold action is needed," Obama said of the Postal Service. "The administration recognizes the enormous value of the U.S. Postal Service to the nation's commerce and communications, as well as the urgent need for reform to ensure its future viability."

Overfunded pension plan? WTF?

Gotta take care of his beloved unions.