WASHINGTON (AP) — The U.S. Postal Service is bracing for a first-ever default on billions in payments due to the Treasury. That's adding to widening uncertainty about the mail agency's solvency as first-class letters plummet and Congress deadlocks on ways to stem the red ink.
With cash running low, the Postal Service says it will not make two legally required payments for future retiree health benefits — $5.5 billion due Wednesday, and another $5.6 billion due in September.
The defaults won't stir any kind of short-term catastrophe — post offices will stay open, mail trucks will run, employees will get paid.
But postal analysts point to longer-term harm, as the mail agency finds it increasingly preoccupied with staving off bankruptcy.
The Postal Service estimates that it is now losing $25 million a day.
Wednesday, May 22 2013 11:20 PM EDT2013-05-23 03:20:36 GMT
LAWTON, Okla_Some of Lawton's smallest residents are serving up some delicious refreshments to help the people of Moore. A group of 6 and 7 year olds are operating an impromptu lemonade stand to raise
Some of Lawton's smallest residents are serving up some delicious refreshments to help the people of Moore. A group of 6- and 7-year-olds are operating an impromptu lemonade stand.
Wednesday, May 22 2013 10:24 PM EDT2013-05-23 02:24:41 GMT
Lawton_It looks like the water bills will rise about $6 a month in Lawton, to offset the $8.37 million deficit in next year's budget. That's the proposal the city council tentatively agreed to Wednesday
It looks like the water bills will rise about $6 a month in Lawton, to offset the $8.37 million deficit in next year's budget.
Wednesday, May 22 2013 6:52 PM EDT2013-05-22 22:52:31 GMT
LAWTON Okla_ If you want a chance of surviving a natural disaster, you have to have a plan, but if you're not at home, the plan could fall apart. Monday's tornado hit Moore in mid-afternoon when the majority
If you want a chance of surviving a natural disaster, you have to have a plan, but what if you're not at home? The plan could fall apart.
Wednesday, May 22 2013 6:39 PM EDT2013-05-22 22:39:36 GMT
CACHE, Okla_ Tragically, some of the fatalities in Moore were children, young students who followed directions, but their school was not built to withstand the violence of the tornado. Now, local parents
Those seven children died in Moore's Plaza Towers Elementary School during Monday's tornado, because that building simply could not withstand the violent twister.
Wednesday, May 22 2013 6:29 PM EDT2013-05-22 22:29:20 GMT
LAWTON Okla_ Monday's deadly tornado in Moore has a lot of residents in Southwest Oklahoma rethinking their own safety plans. Storm shelter companies in Lawton say business is booming; it's increased
Monday's deadly tornado in Moore hit close to home in more ways than one for many of us living here in Texoma. Now, safety is at the forefront of minds.
Amarillo, Texas - There are several ways to protect your family at home during a tornado. The tornado sirens sound and you're at home with no basement or any other shelter to go.
Amarillo, Texas - There are several ways to protect your family at home during a tornado. The tornado sirens sound and you're at home with no basement or any other shelter to go.
In this weeks "Pay It Forward" we were searched out by our latest playmaker Paul. Paul had seen many episodes of "Pay It Forward" and wanted to help out his friend.
In this weeks "Pay It Forward" we were searched out by our latest playmaker Paul. Paul had seen many episodes of "Pay It Forward" and wanted to help out his friend.
People in our area with families in Moore are sharing their stories. Jerry Ray of Amarillo says, "I got a text this morning from my sister-in-law saying that it was a long night.
People in our area with families in Moore are sharing their stories. Jerry Ray of Amarillo says, "I got a text this morning from my sister-in-law saying that it was a long night.
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