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  • Postal Service Facing Default, Shutdown Without Congressional Intervention (Save yourself!)

    09/05/2011 10:57:27 AM PDT · by tobyhill · 30 replies
    fox news ^ | 9/5/2011 | fox news
    The head of the U.S. Postal Service said in an interview that the organization will default -- perhaps as early as this winter -- unless Congress intervenes. Postmaster General Patrick Donahoe's comments reflect a well-known reality that the Postal Service is in dire financial straits. The rise of email and online bill-paying has steadily eroded its profits over the years while labor costs soar. Donahoe is calling for a host of changes, including the elimination of Saturday delivery, to close a deficit projected to top $9 billion this year. But he said Congress needs to step in to help keep...