Congress Breaks For Recess, Leaving Postal Service To Default - Spokane, North Idaho News & Weather KHQ.com

Congress Breaks For Recess, Leaving Postal Service To Default

HUFFINGTONPOST.COM - At midnight Wednesday, the U.S. Postal Service is expected to default on a multi-billion dollar payment owed to the Treasury, highlighting financial struggles that could affect not only mail service but hundreds of thousands of jobs.

The agency's failure to make good on a $5.5 billion payment toward retiree health benefits comes as no surprise, and the default won't have any immediate effects on the postal service's day-to-day operations, the agency assured in a statement. But the missed payment -- reportedly the first of its kind in the post office's history -- will no doubt ramp up the debate over how best to address the agency's growing red ink. click here to read more

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