Post office nears historic default on $5B payment | Fox News
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 left
unpaid, the mail agency said Monday. Postal officials said they also are
studying whether they may need to delay other obligations. In the
coming months, a $1.5 billion payment is due to the Labor Department for
workers compensation, which for now it expects to make, as well as
millions in interest payments to the Treasury.
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