US Postal Service on Brink of Second Default

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The U.S. Postal Service is on the verge of defaulting on a second multibillion-dollar payment.

Postmaster General Patrick Donahoe says the agency can't afford to pay the $5.6 billion payment due on Sunday. He said he's already cut spending in every area possible.

As an independent agency of government, the Postal Service isn't funded by tax dollars but is subject to congressional control.
    
The agency has been pushing legislation that would cut Saturday mail delivery and reduce the annual payment for future retiree health benefits.

But lawmakers failed to act, and now Congress in recess until after the November elections.

Donahoe said the legislators "must act during the lame-duck session and get this whole thing behind us."

"We can't have a Postal Service where customers are constantly worried about our ability to make payments," he said. "That's no way to run a business."

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