Congress decided not to give the financially collapsing U.S. Postal Service $4 billion in financial relief, The Washington Post reports.
“We are perilously close to running out of cash in October or November,” Postmaster General John E. Potter told the Post.
USPS must pay $5.5 billion each year to prefund its retiree health benefits. There is no penalty if USPS doesn’t pay.
But as the nation’s second largest employer, if USPS can’t make the $5.5 billion payment, who can?
A bill by Sen. Thomas Carper (D-Del.) attempts to save USPS from its growing debt.
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