U.S. Postal Service Facing Financial Crisis
The United States Postal Service's financial situation gets worse every day.
The Agency will default on a 5.5 billion dollar payment to the federal government, if Congress doesn't act by August 1st.
It would be the first default in the 200 plus year history of the USPS.
A sluggish economy and people paying bills online have forced the Service to tap an almost 13 billion dollar Treasury department loan.
Some processing plants have already been shut down and thousands of employees have been offered retirement packages.
The USPS is also cutting hours at select post offices and is trying to discontinue Saturday delivery.
- The U.S. Postal Service Wants in on the Alcohol Delivery Business
- Postal Service Will Keep Rural Post Offices Open
- Postal Service Closing Down Plants
- USPS Dedicates P.O. Box to Newtown, CT
- US steps up its domestic response to Ebola crisis
- Van Der Sloot to U.S.
- Post office's deliveries peak
- Possible Deal In Ukraine Crisis
- Atlanta Man Faces Life In Prison
- Grandmother Could Face Death Penalty