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No Action from Congress on Post Office Default at Midnight

Congress is sitting idly by Wednesday as the U.S. Postal Service prepares to default on $5.5 billion in retiree health care payments.

The postal service confirmed in a statement Monday that it would default on its payment to the U.S. Treasury due at midnight on Wednesday. It is also prepared to default on a $5.6 billion tab due Sept. 30 to pre-pay retiree health benefits "absent legislation enacted by Congress."

The postal service stressed that the defaults would "have no material effect on the operations of the Postal Service," which would continue to be fully funded, as would services.

Source: Yahoo! News. Read full article. (link)

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  • C. Al Currier||

    "No Action from Congress..." Reason and YahooNews
    Looks to me that Congress has acted quite a bit on this problem.
    From the YahooNews article:
    "The Republican bill allows for more drastic and immediate cuts, such as switching to five day delivery, cluster box instead of door-to-door delivery, more liberal branch closings and the renegotiation of labor contracts"
    The Republicans want to make deductions to the USPS, the Democrats refuse to compromise.

    How about abolishing the USPS?

  • C. Al Currier||

    ^^^^ ** typo above ** ^^^^
    deductions should read: reductions