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Postal Service on the verge of default

 
Anonymous Coward
User ID: 984249
Canada
08/01/2012 05:37 PM
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Postal Service on the verge of default
[link to money.cnn.com]
Postal Service on the verge of default

Without last-minute help from Congress, the U.S. Postal Service is likely to default on a big bill due Wednesday to the federal government -- $5.5 billion to prepay health care benefits for retirees.

While default would be a first for the Postal Service and a sign of how deep its problems are, it's largely symbolic. Postal officials have pledged that employees and subcontractors will continue to be paid and mail will be delivered as normal.


5a
Anonymous Coward
User ID: 1550123
United States
08/01/2012 05:40 PM
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Re: Postal Service on the verge of default
oh well, everything is going to have to contract in this economy now. time to tighten belts. that might not be a bad thing for many people.

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