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Postal Service braces for historic default
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Peter Doocy reports from Washington, D.C.
- Duration 2:11
- Date Aug 1, 2012
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Transcript
This transcript is automatically generated
The US Postal Service bracing for its first ever default.
On a payment of more than five billion dollars which makes you wonder how do you run anything this way.
Peter -- is live in Washington the default affect mail delivery anyway here.
It does not -- people will still get their -- there won't be any service interruptions or other material effect on the postal service's operations and they said yesterday.
We will continue to deliver the mail pay our employees and suppliers and meet our financial obligations.
Postal Service retirees and employees will also continue to receive their health benefits.
Our customers can be confident in the continued regular operations of the Postal Service and something else that customers can expect.
Are about 300 million dollars worth of political mailings ahead of November's election so.
When your mailboxes -- postcards about candidates and ballot initiatives just know that while -- sometimes annoying.
Those letters are helping keep the post office the -- and if for some reason that 300 million dollars -- not come through.
Things will get worse.
Facts that's a good point what congress bail -- the post office yet again -- -- was gonna happen.
That's what they want and you know for starters the Postal Service wants congress to give them the green light finally to stop Saturday delivery -- -- permission from congress to stop free funding retirement accounts for future employees and one major union is actually blaming congress.
For all of their problems with the national association of letter carriers.
Complaining that it was congress that in 2006 imposed -- burden on the Postal Service that no other public agency.
Or private company in America faces the obligation to refund.
Future retiree health benefits in congress made this -- affordable by requiring the Postal Service which doesn't receive a dime.
Of taxpayer money to pre fund 75 years into the future and -- Postal Service now says that not only are they gonna miss today's.
Mandated pre funding retiree health benefit payment to the Treasury Department.
A five point five billion dollars but they're also gonna miss one it's due on September 30 world for five point six billion dollars unless congress changes the law and -- issues -- deep they're Peter thank you Peter dues he's watching all that Washington thank you sir.
