U.S. Postal Service Nears Default

As the U.S. Postal Service begins shuttering offices across the country to stem their ever-growing $9.2 billion deficit, the entire agency now faces default and could shut down next summer, USPS spokesman Dave Partenheimer told ABCNews.com today. "Right now we think we can make it through until next summer most likely but then some hard choices will have to be made," he said. "That's why it's such an urgent crisis." USPS owes $5.5 billion to fund future retirees' health benefits, and next...Full Story
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