Post Office Days Away From Default

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

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