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YOUR NATIONAL NEWS
AUGUST 2012
7th Day
The U.S. Postal Service has confirmed in a statement on Monday, August 06, 2012 that it would default on its payment to the U.S. Treasury of 5.6 billion tab which is due by September 30, 2012. The default is the first ever. The Postal Service clarified that the defaults would have no bearing on the present operations of the Postal Service. The Postal service is wanting Congress to help by lowering it's burden by way of pre-funds, but it appears Congress has no plans of acting in helping anytime soon. This leaves the Postal
Sservice hurting and in much need of large mailings to onset as their potenitial bail out of trouble. In April, the Senate passed a bipartism to help delay payments, but it fail to solve the Post Office's financial woes. The Post Service has reported multbillion losses in part due to current economic climate and decrease in mail. The service is required to prepay billions in health care benefits into retiree benefit fund which is why it's hoping for Congress to assist, but Congress hasn't budged.
Posted By: MIISRAEL Bride
Tuesday, August 7th 2012 at 1:08PM
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