The Postal Service has announced it may be forced to default for the first time in the company’s history. Here’s WBUP.
“It owes $5.5 billion to a retirees health fund on August 1st, but says if Congress doesn’t take action it will miss the payment.”
The Statesman Journal explains Congress created a plan back in 2006 that put the post office on track to pay into a future retirement fund — but Congress never followed through with it and it isn’t likely action will be taken anytime soon, seeing as August recess is coming up.
A writer for USA Today says — in this case — time is money and a delay won’t help anyone.
Newsy has the full transcript