246 
(A) In each fiscal year (following 
the first full fiscal year) in a control 
period, budgeted expenditures of the 
Postal Service for the fiscal year in-
volved may not exceed budgeted reve-
nues of the Postal Service for the fis-
cal year involved. 
(B) In each fiscal year in a control 
period, the Postal Service shall make 
continuous, substantial progress to-
wards long-term fiscal solvency and 
shall have substantially greater net 
income than in the previous fiscal 
year. 
(C) The Postal Service shall pro-
vide for the orderly liquidation of any 
supplementary debt under section 
222. 
(D) The financial plan and budget 
shall assure the continuing long-term 
financial stability of the Postal Serv-
ice, as indicated by factors such as 
the efficient management of the Post-
al Service’s workforce and the effec-
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247 
tive provision of services by the Post-
al Service. 
(2) APPLICATION OF SOUND BUDGETARY 
PRACTICES.—In meeting the requirement 
described in paragraph (1) with respect 
to a financial plan and budget for a fiscal 
year, the Postal Service shall apply sound 
budgetary practices, including reducing 
costs and other expenditures, improving 
productivity, increasing revenues, or a 
combination of such practices. 
(3) ASSUMPTIONS
BASED
ON
CURRENT 
LAW.—In meeting the requirements de-
scribed in paragraph (1) with respect to a 
financial plan and budget for a fiscal 
year, the Postal Service shall base esti-
mates of revenues and expenditures on 
Federal law as in effect at the time of the 
preparation of such financial plan and 
budget. 
SEC. 222. SUPPLEMENTARY BORROWING AUTHORITY DUR-
ING A CONTROL PERIOD. 
(a) IN
GENERAL.—Upon the commence-
ment of a control period, subject to the ap-
proval of the Authority, the Postal Service is 
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authorized to borrow money and issue and 
sell such obligations as may be necessary to 
carry out the purposes of this title, to the 
same extent, in the same manner, and subject 
to the same terms and conditions as if the 
maximum amount allowable under the provi-
sions of section 2005(a)(2) of title 39, United 
States Code, for the fiscal year involved were 
equal to the maximum amount which (but for 
this section) would otherwise be allowable 
under 
such 
provisions, 
increased 
by 
$10,000,000,000. The authorization to issue ob-
ligations under this section shall extend for a 
period of not more than 10 years beginning on 
the date of commencement of a control pe-
riod, as described in section 202(b). At the end 
of such a 10-year period, the Postal Service 
shall dispose of real property of the Postal 
Service generating sufficient proceeds to 
repay any outstanding obligation incurred 
under this subsection in its entirety. 
(b) EXCLUSION.—The last sentence of sec-
tion 2005(a)(1) of title 39, United States Code, 
shall not apply with respect to any amounts 
borrowed or obligations issued or sold under 
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249 
authority of this section (which, but for sub-
section (a), would not otherwise have been al-
lowable). 
(c) DEPOSIT.—Any amounts received under 
this section shall be deposited in the Postal 
Service Fund. 
(d) COLLATERAL.—For the purposes of 
funds acquired under subsection (a), the Post-
al Service shall provide an appropriate level 
of collateral in the form of pledged Postal 
Service property assets. For each fiscal year 
in which there remain funds made available 
to the Postal Service under subsection (a), the 
Postal Service shall dispose of real property 
equal to an amount that is at least 10 percent 
of the total funds obligated by the Postal 
Service under subsection (a), and the pro-
ceeds of such disposal shall be used to repay 
any outstanding obligation made by the Post-
al Service under subsection (a) in its entirety. 
SEC. 223. PROCESS FOR SUBMISSION AND APPROVAL OF FI-
NANCIAL PLAN AND BUDGET. 
(a) IN GENERAL.—For each fiscal year for 
which the Postal Service is in a control pe-
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riod, the Postmaster General shall submit to 
the Authority— 
(1) by February 1 before the start of 
such fiscal year, a preliminary financial 
plan and budget under section 221 for 
such fiscal year; and 
(2) by August 1 before the start of 
such fiscal year, a final financial plan 
and budget under section 221 for such fis-
cal year. 
(b) REVIEW BY AUTHORITY.—Upon receipt 
of a financial plan and budget under sub-
section (a) (whether preliminary or final), the 
Authority shall promptly review such finan-
cial plan and budget. In conducting the re-
view, the Authority may request any addi-
tional information it considers necessary and 
appropriate to carry out its duties under this 
subtitle. 
(c) APPROVAL
OF POSTMASTER GENERAL’S 
FINANCIAL PLAN AND BUDGET.— 
(1) IN GENERAL.—If the Authority de-
termines that the final financial plan and 
budget for the fiscal year submitted by 
the Postmaster General under subsection 
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251 
(a) meets the requirements of section 
221— 
(A) the Authority shall approve 
the financial plan and budget and 
shall provide the Postmaster General, 
the President, and Congress with a 
notice certifying its approval; and 
(B) the Postmaster General shall 
promptly submit the annual budget 
program to the Office of Management 
and Budget pursuant to section 2009 
of title 39, United States Code. 
(2) DEEMED APPROVAL AFTER 30 DAYS.— 
(A) IN GENERAL.—If the Authority 
has not provided the Postmaster Gen-
eral, the President, and Congress 
with a notice certifying approval 
under paragraph (1)(A) or a state-
ment of disapproval under subsection 
(d) before the expiration of the 30-day 
period which begins on the date the 
Authority receives the financial plan 
and budget from the Postmaster Gen-
eral under subsection (a), the Author-
ity shall be deemed to have approved 
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252 
the financial plan and budget and to 
have provided the Postmaster Gen-
eral, the President, and Congress 
with the notice certifying approval 
under paragraph (1)(A). 
(B) EXPLANATION OF FAILURE TO RE-
SPOND.—If subparagraph (A) applies 
with respect to a financial plan and 
budget, the Authority shall provide 
the Postmaster General, the Presi-
dent and Congress with an expla-
nation for its failure to provide the 
notice certifying approval or the 
statement of disapproval during the 
30-day period described in such sub-
paragraph. 
(d) DISAPPROVAL
OF
POSTMASTER
GEN-
ERAL’S BUDGET.—If the Authority determines 
that the final financial plan and budget for 
the fiscal year submitted by the Postmaster 
General under subsection (a) does not meet 
the requirements applicable under section 
221, the Authority shall disapprove the finan-
cial plan and budget, and shall provide the 
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Postmaster General, the President, and Con-
gress with a statement containing— 
(1) the reasons for such disapproval; 
(2) the amount of any shortfall in the 
budget or financial plan; and 
(3) any recommendations for revi-
sions to the budget the Authority con-
siders appropriate to ensure that the 
budget is consistent with the financial 
plan and budget. 
(e) AUTHORITY
REVIEW
OF
POSTMASTER 
GENERAL’S REVISED FINAL FINANCIAL PLAN AND 
BUDGET.— 
(1) SUBMISSION
OF
POSTMASTER
GEN-
ERAL’S REVISED FINAL FINANCIAL PLAN AND 
BUDGET.—Not later than 15 days after re-
ceiving the statement from the Authority 
under subsection (d), the Postmaster 
General shall promptly adopt a revised 
final financial plan and budget for the 
fiscal year which addresses the reasons 
for the Authority’s disapproval cited in 
the statement, and shall submit such fi-
nancial plan and budget to the Authority. 
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254 
(2) APPROVAL
OF
POSTMASTER
GEN-
ERAL’S REVISED FINAL FINANCIAL PLAN AND 
BUDGET.—If, after reviewing the revised 
final financial plan and budget for a fis-
cal year submitted by the Postmaster 
General under paragraph (1) in accord-
ance with the procedures described in 
this section, the Authority determines 
that the revised final financial plan and 
budget meets the requirements applica-
ble under section 221— 
(A) the Authority shall approve 
the financial plan and budget and 
shall provide the Postmaster General, 
the President, and Congress with a 
notice certifying its approval; and 
(B) the Postmaster General shall 
promptly submit the annual budget 
program to the Office of Management 
and Budget pursuant to section 2009 
of title 39, United States Code. 
(3) DISAPPROVAL OF POSTMASTER GEN-
ERAL’S REVISED FINAL FINANCIAL PLAN AND 
BUDGET.— 
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255 
(A) IN GENERAL.—If, after review-
ing the revised final financial plan 
and budget for a fiscal year sub-
mitted by the Postmaster General 
under paragraph (1) in accordance 
with the procedures described in this 
subsection, the Authority determines 
that the revised final financial plan 
and budget does not meet the appli-
cable requirements under section 221, 
the Authority shall— 
(i) disapprove the financial 
plan and budget; 
(ii) provide the Postmaster 
General, the President, and Con-
gress with a statement containing 
the reasons for such disapproval 
and describing the amount of any 
shortfall in the financial plan and 
budget; and 
(iii) approve and recommend 
a financial plan and budget for 
the Postal Service which meets 
the 
applicable 
requirements 
under section 221, and submit 
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256 
such financial plan and budget to 
the 
Postmaster 
General, 
the 
President, and Congress. 
(B) SUBMISSION TO OMB.—Upon re-
ceipt of the recommended financial 
plan and budget under subparagraph 
(A)(iii), the Postmaster General shall 
promptly submit the recommended 
annual budget program to the Office 
of Management and Budget pursuant 
to section 2009 of title 39, United 
States Code. 
(4) DEEMED APPROVAL AFTER 15 DAYS.— 
(A) IN GENERAL.—If the Authority 
has not provided the Postmaster Gen-
eral, the President, and Congress 
with a notice certifying approval 
under paragraph (2)(A) or a state-
ment of disapproval under paragraph 
(3) before the expiration of the 15-day 
period which begins on the date the 
Authority receives the revised final 
financial plan and budget submitted 
by the Postmaster General under 
paragraph (1), the Authority shall be 
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257 
deemed to have approved the revised 
final financial plan and budget and to 
have provided the Postmaster Gen-
eral, the President, and Congress 
with the notice certifying approval 
described in paragraph (2)(A). 
(B) EXPLANATION OF FAILURE TO RE-
SPOND.—If subparagraph (A) applies 
with respect to a financial plan and 
budget, the Authority shall provide 
the Postmaster General, the Presi-
dent and Congress with an expla-
nation for its failure to provide the 
notice certifying approval or the 
statement of disapproval during the 
15-day period described in such sub-
paragraph. 
(f) DEADLINE FOR TRANSMISSION OF FINAN-
CIAL PLAN AND BUDGET BY AUTHORITY.—Not-
withstanding any other provision of this sec-
tion, not later than September 30th before 
each fiscal year which is in a control period, 
the Authority shall— 
(1) provide Congress with a notice 
certifying its approval of the Postmaster 
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