USPS, A Government Monopoly on Mail Delivery, Can’t Meet Its Legal Payment Obligations: Or USPS is Bankrupt
How Does the Happen? A government business goes bankrupt.
The Postal Service repeated on Wednesday that without congressional action, it will default—a first in its long history, a spokesman said—on a legally required annual $5.5 billion payment, due Aug. 1, into a health-benefits fund for future retirees. Action in Congress isn’t likely, as the House prepares to leave for its August recess. READ MORE WSJ 18 July 2012