USPS - Postal Service to move closer to insolvency

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http://money.cnn.com/2012/09/25/news/ec ... l-service/" onclick="window.open(this.href);return false;

WASHINGTON (CNNMoney) -- At the end of this month, the U.S. Postal Service takes another step toward insolvency.

On Sunday, the service is required by law to pay the federal government $5.6 billion to fund health care benefits for retirees. But 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 occurring on Aug. 1.

For the time being, the default means little. "This default will have no effect on the processing or delivery of mail, and employees and suppliers will continue to be paid," said David Partenheimer, a spokesman for the Postal Service.

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