Postal Service Is Nearing Default as Losses Mount
By STEVEN GREENHOUSE
Published: September 4, 2011
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The United States Postal Service has long lived on the financial edge, but it has never been as close to the precipice as it is today: the agency is so low on cash that it will not be able to make a $5.5 billion payment due this month and may have to shut down entirely this winter unless Congress takes emergency action to stabilize its finances.
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An idea who’s time has past?
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