It will probably come as no surprise that Darrell Issa reacted to the postal service’s announcement that it would stop adding to its already overfunded FERS retirement account by using his favorite word- “bailout”:
"The United States Postal Service, our nation’s second largest employer, is now past the brink of insolvency," said Issa, chairman of the House Oversight and Government Reform Committee.
"This would not be tolerated in a private company. … USPS needs fundamental structural and financial reforms to cut costs and protect taxpayers from an expensive bailout," Issa said.
No, it certainly wouldn’t be tolerated in a private company. When a private company (or individual) overpays the federal government, they get what’s called a “tax refund”. Only in the case of the US Postal Service is such a refund called a “bailout”.
For the record, the USPS is NOT cutting off payments to fund retiree pensions. It has decided to stop adding to an existing $6.9 billion surplus in its FERS retirement accounts.