USPS may default on payment


The United States Postal Service's financial situation is looking even grimmer. By Sunday, the service is required by law to pay the federal government $5.6 billion dollars to fund health care benefits for retirees. {}However, it won't do it, because it doesn't have the money. {}It will be the second time that the service has defaulted on a payment. The first was last month.{}For now, the cash shortage won't affect your mail. The Postal Services say employees and suppliers will still get paid. {}But it says the Postal Service will start running out of money by the spring unless Congress acts soon. {}That could mean drastic cuts to the mail delivery system.{}