United States Postal Service will default on its obligations to the federal government by September 30
Let the countdown to privatization of the U.S. Post Office begin, and it’s about damn time! According to the Daily Caller, the U.S. Postmaster General Patrick Donahoe said the United States Postal Service will default on its obligations to the federal government by September 30, which is also the end of the current fiscal year.
Now the House Committee on Oversight and Government Reform has launched SavingThePostalService.com to educate the public about the Postal Service’s financial troubles and some possible solutions. The Postal Service lost $8.5 billion in the last fiscal year.
It is not clear what will happen if the Postal Service does default. Oversight committee chairman Rep. Darrell Issa, Republican from California, and other committee members have said the result will likely be a taxpayer bailout.
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