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Postal Service Says Default Won’t Affect Service

August 3, 2012
Eamon Javers & Pat Anastasi, CNBC
8/1/2012

When you go to mail a letter on Thursday, the post office will do, well, what it always does, despite its first ever default expected Wednesday on payments of billions of dollars due to the United States Treasury.

The post office had $5.5 billion in payments for future retiree health benefits due Wednesday and $5.6 billion due in September, but it will miss both payments because of cash shortages related to the rise of email, electronic bill payments and private carriers like FedEx  and UPS.

The Postal Service estimates that it is now losing $25 million every day. First class mail volume has fallen 25 percent just since 2006, the Postal Service says.

But officials want you to know that, for now at least, there’s not going to be any change in service.

And now… the rest of the story. …..

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