November 17th, 2011 
AT2W Staff 
U.S. Postal Service May Default This Week and What Are Your Alternative Options?
Firstly, let’s get the latest news on the possible default of the US Postal Service:
The United States Postal Service says it is very close to a possible default this Friday as the agency must make a multi-billion dollar payment to the federal government.
The Postal Service is legally bound to pay $5.5 billion to the Treasury Department for retiree health benefits. However, it doesn’t look like that payment will be made and U.S. Postmaster General Patrick Donahoe is asking Congress for help.The Postal Service lost $5.1 billion in the past year and Donahue explained the weak economy and increased use of the Internet have lowered mail volume.“We are at a point where we require urgent action,” Donahoe said.
Despite cutting more than 130,000 jobs and closing some smaller post office branches, the losses have occurred.
Now, Congress is expected to grant a reprieve by the Friday deadline. However, based on current losses, the Postal Service said it will still run out of money – or come dangerously close – by next September, forcing it to halt service.
Now, since the government may allow the postal service to shut down which could possibly happen, we need to be aware of our options. There are other alternative methods and tips to take into consideration now.
Here’s what we suggest and have actually started implementing- might there be a delay or halt to our mail delivery:
- We suggest to open up as many online accounts for your bills, etc to have a back up copy of your information. You can always make copies of online statements and print them out. We don’t suggest you go paperless unless you are sure no one will ask for an original statement from a bill company, etc. (Some companies must see an original statement due to alterations to online documents).
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