[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2744 Introduced in House (IH)]


104th CONGRESS
  1st Session
                                H. R. 2744

To require the Postmaster General to submit to the Congress a plan for 
  the reduction of the accumulated debt of the Postal Service within 
                              seven years.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 7, 1995

Mr. Frelinghuysen introduced the following bill; which was referred to 
            the Committee on Government Reform and Oversight

_______________________________________________________________________

                                 A BILL


 
To require the Postmaster General to submit to the Congress a plan for 
  the reduction of the accumulated debt of the Postal Service within 
                              seven years.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Postal Service Debt Reduction and 
Truth in Budgeting Act''.

SEC. 2. POSTAL SERVICE DEBT REDUCTION PLAN REQUIREMENT.

    Not later than three months after the date of the enactment of this 
Act, the Postmaster General shall submit to the Congress a plan for the 
reduction of the accumulated debt of the Postal Service to an amount 
that is not more than five percent of the annual revenues of the Postal 
Service. The plan shall provide for--
            (1) achievement of the reduction not later than September 
        30, 2003; and
            (2) subject to section 3, maintenance of the accumulated 
        debt at a level not more than five percent of the annual 
        revenues of the Postal Service.

SEC. 3. LIMITED ADDITIONAL POSTAL SERVICE BORROWING AUTHORITY IF DEBT 
              REDUCTION IS ACHIEVED.

    If the reduction described in section 2 is achieved, the Postal 
Service shall have the authority, on and after October 1, 2005, to have 
accumulated debt of not more than 7.5 percent of the annual revenues of 
the Postal Service. Any exercise of such authority shall be permitted 
only to the extent specifically provided for by law.

SEC. 4. BUDGET SUBMISSION REQUIREMENT.

    In the submission to the Congress of the budget for the Postal 
Service for a fiscal year, the Postmaster General shall include a 
detailed accounting of actual and budgeted revenues and expenditures 
for the preceding fiscal year.
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