MONEY TROUBLE: U.S.P.S. Asking For Government Help

post office

The United States Postal Services is headed for a fiscal cliff of their own.
A Postal Service financial report shows that by March U.S.P.S. will have about $1 billion in cash to work with.
That may sound like a large sum, but officials say that is barely enough for them to run the postal service for four days.

Now, Postal officials are hoping congress will step in and help, otherwise they say they will have to make drastic cutbacks in jobs and delivery.

The Post Office defaulted on federal loans twice in 2012, totaling $11 billion.

A CNN Money report says the Post Office had no debt before 2005. They started borrowing in 2006 when a congressional mandate required them to pre-fund healthcare benefits for future retirees.

Filed in: News

Suggest a correction

Get every new post delivered to your Inbox.

Join 2,788 other followers