U.S. Post Office to default as soon as August
July 20, 2012 No CommentsThe United States Postal Service reiterated this week that unless there is congressional action, it will default for the first time in its long history. The default hinges on a legally required annual $5.5 billion payment due August 1, into a health-benefits fund for future retirees. Congress isn’t likely to act, as the House prepares to leave for its August recess.
