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John E. Potter, Postmaster General, appeared before the House Oversight and Government Reform Committee seeking support for his proposal to cut Saturday deliveries, raise the price of postage, close additional offices, and cut additional postal jobs in an effort to put the Post Office back on a profitable course.
In 2008, it was reported that USPS was $2.8 billion in the red. And despite widespread cuts and savings enacted since then, financial projections remain dim.
In addition, USPS had overpaid the Civil Service Retirement System by $75 billion. Potter asked the Committee to review those findings. USPS seeks reimbursement of those funds.