Posted 2:01 PM 4/24/2012 : RAW VIDEO: McCain calls USPS 'a dying part of America's economy'
(CNN) - A plan to save the U-S Postal Service as we know it is up for a vote on the Senate floor.
The recession, declining mail volume and a congressional mandate to pre-fund retirement health care benefits have put the service in a bind. It reported a $5.1 billion loss in its last fiscal year.
Some lawmakers say it's time for the Postal Service to change the way it conducts business.
"The Postal Service has more full-time retail facilities in the United States of America than Starbucks, McDonalds, UPS and FedEx combined. And according to the Government Accountability Office, approximately 80 percent of these retail facilities do not generate sufficient revenue to cover their costs," said Republican Arizona Senator John McCain. "That is what this debate is all about. I hope that my colleagues understand we are looking at basically a dying part of America's economy. "
The Congressional Budget Office says Senate bill would cost about $33.6 billion over the next 10 years.
If approved, the plan would temporarily keep the Postal Service from cutting Saturday service, laying off tens of thousands of workers, and closing hundreds of post offices and processing plants.
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