U.S. Postal Service defaults
By The Week Staff | August 2, 2012
A shuttered post office in New Mexico: The beleaguered U.S. Postal Service may not survive the winter if Congress doesn't agree to a hefty bailout.
CC BY: anyjazz65
O
n Wednesday, the U.S. Postal Service defaulted on a $5.5 billion payment owed the federal government for future retiree health benefits. Senators railed against the House for failing to act on a bipartisan bill to overhaul the agency that the Senate passed in April. The House plans to wait until after Labor Day to vote on the bill. The Postal Service says the default will not affect mail delivery or employees and suppliers being paid.
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