The struggling U.S. Postal Service expects to default this weekend, the second time in recent months the cash-strapped agency will have missed a deadline to set aside funds for future retiree health benefits.
The mail agency, which relies on its own revenue from the sale of stamps and other products rather than taxpayer funds, has lost billions of dollars each quarter as Americans move to online communications. It has struggled for years to make the massive annual payments.
Source: Reuters. Read full article. (link)