Post Office Nears First Default in Its History<http://online.wsj.com/article/SB10000872396390444097904577535322022316422.html?mod=WSJ_hppMIDDLENexttoWhatsNewsSecond>
Before I post a few excerpts, I want to make it clear that the post office is not shutting down. This default is specifically related to its health care fund for retirees. The Postal Service repeated on Wednesday that without congressional action, it will defaulta first in its long history, a spokesman saidon a legally required annual $5.5 billion payment, due Aug. 1, into a health-benefits fund for future retirees. Action in Congress isn't likely, as the House prepares to leave for its August recess. The agency says it will default on its 2012 retiree health payment as wellalso roughly $5.5 billion, due Sept. 30if there is no legislative action by then. The two sides remain far apart. Senators voted in April, on a bipartisan basis, for legislation that largely shores up the agency's finances by returning an estimated $10.9 billion overpayment made into the federal employee pension system. The legislation limits the agency's ability to close postal branches and stop Saturday delivery. Republican House leaders support legislation they say would require the agency to operate more like a business, in part by setting up a panel to reduce the network of post offices. Some rural-district House members, from both parties, have been worried about closures in their areas. It will be interesting to see how this one turns out. J - Ninety percent of politicians give the other ten percent a bad reputation. - Henry Kissinger Politicians are people who, when they see light at the end of the tunnel, go out and buy some more tunnel. - John Quint ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:352770 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
