Postal Service financial rescue plan in works at White House

The White House will include a financial rescue plan for the U.S. Postal Service as part of a broader $1.5 trillion deficit reduction package due to Congress in the coming weeks, it said Tuesday.

In advance of those recommendations, the Obama administration is asking lawmakers to give the Postal Service a 90-day extension to pay billons of dollars in mandatory annual retirement payments that are due at the end of its fiscal year Sept. 30.

If approved, a delay would buy time for Congress, the White House and postal officials to draft a package of reforms for the cash-strapped delivery service, whose leader warned again Tuesday that it is teetering on the brink of financial collapse and likely to go broke by fall 2012.

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