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Trouble at the Post Office: Defaults Start Today

MDB8080 Wrote: Aug 02, 2012 6:53 AM
Why stop at Saturday delivery? In this Internet age, who needs to receive mail any more than every other day (apart from extra-cost Priority Mail etc.)?
The U.S. Postal Service is reaching a crisis point as they are now defaulting on legally mandated healthcare payments for future retirees.

The U.S. Postal Service is bracing for a first-ever default on billions in payments due to the Treasury, adding to widening uncertainty about the mail agency's solvency as first-class letters plummet and Congress deadlocks on ways to stem the red ink.

With cash running perilously low, two legally required payments for future postal retirees' health benefits - $5.5 billion due Wednesday, and another $5.6 billion due in September - will be...