More Bad News For The Postal Service - Spokane, North Idaho News & Weather KHQ.com

More Bad News For The Postal Service

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HUFFINGTONPOST.COM - The U.S. Postal Service may be able to deliver your bill payments, but it's having a little trouble delivering its own.

Come Sept. 30, USPS will default on a $5.6 billion payment mandated by Congress to prefund employee retirement benefits, CNNMoney reports. That will be the second time the government agency has defaulted in as many months after missing an August payment worth $5.5 billion.

While mail operations will continue as usual, the second default is yet another sign of the postal service's increasingly desperate financial situation. By May of this year it had already lost $6 billion. click here to read more

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