US Postal Service in dire financial straits - Reuters
The U.S. Postal Service is in such bad financial condition that it may not be able to make a payment for future retiree health benefits due September 30, Postmaster General Patrick Donahoe said on Tuesday.
The U.S. agency has lost business to electronic mail and to private sector competitors like FedEx (FDX.N) and United Parcel Service (UPS.N).
In testimony to a Senate subcommittee, Donahoe said that without congressional action, the service would default on its payments.
The U.S. Postal Service is in such bad financial condition that it may not be able to make a payment for future retiree health benefits due September 30, Postmaster General Patrick Donahoe said on Tuesday.
The U.S. agency has lost business to electronic mail and to private sector competitors like FedEx (FDX.N) and United Parcel Service (UPS.N).
In testimony to a Senate subcommittee, Donahoe said that without congressional action, the service would default on its payments.
