Post Office To Default On $5.5 Billion Payment

, Posted: Wed, August 1 2012 at 8:18 AM, Updated: Wed, August 1 2012 at 8:48 AM

The US Postal Service is likely to default on a big bill Wednesday, if it doesn't get some help from Congress.

The US Postal Service owes more than $5 billion in health care pre-payments.

The government mandates the service pre-fund the benefits for future retirees.

Postal officials have said they're bracing for default on this payment, as well as the one due at the end of September.

They do say there won't be any impact on employees' pay or mail delivery.

The Postal Service is considered independent and doesn't usually use taxpayer dollars.

Right now, it's operating on a loan from the Treasury.

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