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Post office nears historic default on $5B payment
The US Postal Service braces for a first ever payment default to the Treasury as cash runs low and Congress stalls on a postal overhaul. Two mandated retiree health benefit payments of 5.5 billion and 5.6 billion due this year may go unpaid, with further obligations eyed for delay. Despite the danger of insolvency, daily operations will continue and workers will be paid, but confidence in the service wanes amid losses and industry calls for action. The agency faces about 25 million dollars in daily losses and potential changes to Saturday delivery and facility operations if no relief arrives.
MENTIONED IN THIS ARTICLE
Washington
Postal Service
Treasury
Congress
Labor Department
Mail
Patrick Donahoe
North Pole
Jim Husa
Lawrence
Mich
FedEx
UPS
Art Sackler
Coalition For A 21St Century Postal Service
Senate