Obama's Postal Service plan would cut Saturday mail

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Source: Reuters

(Reuters) - The Obama administration's plan to rescue the U.S. Postal Service would allow the agency to end Saturday mail delivery and sell non-postal products, according to documents released on Monday.

The plan, introduced alongside a deficit-reduction package, also would restructure a massive annual payment to prefund retiree health benefits and refund $6.9 billion the mail carrier says it overpaid into a federal retirement fund.

The White House says its plan would save the Postal Service more than $20 billion in the next few years.

"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," the White House document said.

Read more: http://www.reuters.com/article/2011/09/19/us-usa-postalservice-amendment-idUSTRE78I3XF20110919`