USPS Finances Look Grim
By: Alex de Leon
Updated: September 25, 2012
The U.S. Postal Service's financial situation looks grim.
By Sunday, it'll be required by law to pay the federal government nearly $6 billion to fund health care benefits for retirees. Only problem is they don't have the money to do it.
It'll be the second time in two months the Postal Service has defaulted on a payment. It won't affect customers for now. But, unless Congress acts soon, the Service says there will be drastic cuts.
By Sunday, it'll be required by law to pay the federal government nearly $6 billion to fund health care benefits for retirees. Only problem is they don't have the money to do it.
It'll be the second time in two months the Postal Service has defaulted on a payment. It won't affect customers for now. But, unless Congress acts soon, the Service says there will be drastic cuts.
