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

Rate this post

Please follow and like us:
0
 

Leave a Reply

avatar
  Subscribe  
Notify of
DCG
Guest

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

Dave
Editor
Dave

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

Anonymous
Guest
Anonymous

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