USPS Is Nearing Default as Losses Mount

[britwrit]

From the New York Times, September 4, 2011...

The United States Postal Service has long lived on the financial edge, but it has never been as close to the precipice as it is today: the agency is so low on cash that it will not be able to make a $5.5 billion payment due this month and may have to shut down entirely this winter unless Congress takes emergency action to stabilize its finances.

http://www.nytimes.com/2011/09/05/busin ... tml?ref=us

[Lounge Lizard]

From the New York Times, September 4, 2011...

The United States Postal Service has long lived on the financial edge, but it has never been as close to the precipice as it is today: the agency is so low on cash that it will not be able to make a $5.5 billion payment due this month and may have to shut down entirely this winter unless Congress takes emergency action to stabilize its finances.

http://www.nytimes.com/2011/09/05/busin ... tml?ref=us

- or unless Moya steps in to sort it all out.

[scoobydo79]

Ive just heard the US Postal Service may have to shut down for winter.The service is so broke it cant continue with out a Government bail out

[SpacePhoenix]

Ive just heard the US Postal Service may have to shut down for winter.The service is so broke it cant continue with out a Government bail out

Here's a link to a New York Times article about it:

http://www.nytimes.com/2011/09/05/busin ... .html?_r=1" onclick="window.open(this.href);return false;

[TrueBlueTerrier]

Actually we already have a story in competitors news - so I'll merge them

[DGP1]

If I remember correctly, lil Adam had RM in the best shape ever, so maybe he could take over and rescue the USPS


He had better remember his body armour though, we complain and go on strike............they tool up and shoot all round them (the term going postal is American).

[NWpostie]

Ive just heard the US Postal Service may have to shut down for winter.The service is so broke it cant continue with out a Government bail out

The USPS has never received any Federal funding as it was required to be self funding by Congress, any Government bailout will scream "socialized" to Congress men who have a fixation on anything
"un American" anything left wing is viewed with suspicion, I think they will rather it shut down for winter for ideological reasons, than to bail it out, I they will be forced to eventually by Democrats and voters !

[DGP1]

Ive just heard the US Postal Service may have to shut down for winter.The service is so broke it cant continue with out a Government bail out

The USPS has never received any Federal funding as it was required to be self funding by Congress, any Government bailout will scream "socialized" to Congress men who have a fixation on anything
"un American" anything left wing is viewed with suspicion, I think they will rather it shut down for winter for ideological reasons, than to bail it out, I they will be forced to eventually by Democrats and voters !

Different when the banks and car industry needed bailed out.....................but I suppose the PO doesn't have lobbyists

[NWpostie]

Oh yes too right, its all down to political expediency.............nothing new, we have it here in the UK.