The above headline found on the Drudgereport website.
From the WSJ Online:
“While lawmakers continue to fight over how to fix the ailing U.S. Postal Service, the agency’s money problems are only growing worse.
The Postal Service repeated on Wednesday that without congressional action, it will default—a first in its long history, a spokesman said—on a legally required annual $5.5 billion payment, due Aug. 1, into a health-benefits fund for future retirees. Action in Congress isn’t likely, as the House prepares to leave for its August recess.
The agency said a default on the payment, for 2011, wouldn’t directly affect service or its ability to pay employees and suppliers. But “these ongoing liquidity issues unnecessarily undermine confidence in the viability of the Postal Service among our customers,” said spokesman David Partenheimer.”
- U.S. Postal Service Will Likely Default (brandtstandard.com)
- Postal Service default appears likely (oddonion.com)
- Postal Service rescue bill stalls in Congress as cash woes mount – The Hill (blog) (thehill.com)
- Postal Service default appears likely (usatoday.com)
- Postal Service to Close Plants This Summer (usnews.com)
- US Postal Service Regulator Denies Bid to Stop Closings – Bloomberg (bloomberg.com)
- US Postal Service Loses $3.2 Billion as Cash Runs Low – Bloomberg (bloomberg.com)
- Congress Keeps Free Mail While Pushing U.S. Postal Cuts – Bloomberg (bloomberg.com)
- FedEx says it could lose lucrative postal contract (knoxnews.com)
- Postal Service: Will keep rural post offices open (news.yahoo.com)