General (Ret) James David (who is mentioned on the cover of the third edition of former Republican Congressman Paul Findley’s ‘They Dare to Speak Out’ book about the power/influence of the pro-Israel lobby on the US political system and media) sent through the following as well:
Post office nears historic default on $5B payment
Published July 30, 2012
WASHINGTON – The U.S. Postal Service is bracing for a first-ever default on billions in payments due to the Treasury, adding to widening uncertainty about the mail agency’s solvency as first-class letters plummet and Congress deadlocks on ways to stem the red ink.
With cash running perilously low, two legally required payments for future postal retirees’ health benefits — $5.5 billion due Wednesday, and another $5.6 billion due in September — will be left unpaid, the mail agency said Monday. Postal officials said they also are studying whether they may need to delay other obligations. In the coming months, a $1.5 billion payment is due to the Labor Department for workers compensation, which for now it expects to make, as well as millions in interest payments to the Treasury.