More Meltdown. US Postal Service May Default

Agence France Presse reports 15 hours ago that the US Postal Service warned on Friday that it could default on payments it owes the federal government, just days after the US government itself narrowly averted a default.

The government’s mail service said it lost $3.1 billion in the period from April to June, blaming “the anemic state of the economy” and the growing popularity of electronic communications over old-fashioned letters.

As a result of its mounting losses, the US Postal Service said it would not be able to make a legally required $5.5 billion payment in September to a health-benefits trust fund.

“Absent substantial legislative change, the Postal Service will be forced to default on payments to the federal government,” it said in a statement.

Read the rest of the article here.

~Eowyn

Advertisements

3 responses to “More Meltdown. US Postal Service May Default

  1. Just shut this agency down now…we will all survive just fine without them.

    Like

  2. My prediction is that the Postal Service has less than five years remaining, then it’s toast.

    -Dave

    Like

  3. Neither rain, nor sleet, nor snow… but not being able to cut it.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s