Video archive of the US Congress

House Proceeding on Jun 24th, 2009 :: 0:33:15 to 0:34:50
Total video length: 39 minutes Stream Tools: Stream Overview | Edit Time

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Edolphus Towns

0:33:14 to 0:33:34( Edit History Discussion )

Edolphus Towns: we are a better nation than the demagoguerwe have been subjected to over guantanamo bay. thank you, madam speaker. the speaker pro tempore: the gentleman's time has expired. gentleman from new york rise? >> to address the house for one minute and to revise and extend. the speaker pro tempore: without objection, the gentleman is recognized for one minute.

Edolphus Towns

0:33:15 to 0:34:50( Edit History Discussion )
Speech By: Edolphus Towns

Edolphus Towns

0:33:35 to 0:33:56( Edit History Discussion )

Edolphus Towns: mr. towns: thank you, madam speaker. i would like to talk about the financial emergency facing the postal service. we must act now to correct this problem. the postal service lost nearly $2 billion in the second quarter. and expects to lose more than $6.5 billion in 2009. despite cutting billions in costs, it faces an unprecedented decline in mail

Edolphus Towns

0:33:57 to 0:34:17( Edit History Discussion )

Edolphus Towns: volume due to the recession and the diversion of mail to electronic communications. uniquely, the postal service is supposed to pay $5 billion annually into the retirement benefits trust fund which is overfunded compared to similar companies.

Edolphus Towns

0:34:18 to 0:34:38( Edit History Discussion )

Edolphus Towns: and law requires the postal service to shell out billions of dollars to pre-fund retirement benefits regardless of economic or financial conditions. the postal service expects a cash shortfall of $1.5 billion at the end of the fiscal year. and might not be able to meet

Edolphus Towns

0:34:39 to 0:34:51( Edit History Discussion )

Edolphus Towns: its financial obligations. this situation is a threat to postal employees and customers. we must act now to address the financial emergency at the postal service and continue to

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