The U.S. Postal Service has defaulted on $5.6 billion in retiree health benefits, compounding its already tenuous financial position.
Postmaster General and Postal Service CEO Patrick Donahoe told a Senate committee on Sept. 19 that it would end up defaulting on this payment, which was due Sept. 30, because the agency needs comprehensive postal reform legislation.
The Postal Service is in poor financial health, with only $22 billion in assets and $62 billion in liabilities.
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