Inspector General: USPS bailout or shutdown [View all]
Source: UPI
The troubled U.S. Postal Service has reached its own debt ceiling and will go out of business this year unless Congress rescues it, the inspector general said.
"The choices are that it would cease to exist or it would need a bailout," David Williams, the chief postal watchdog, told Britain's The Guardian newspaper.
The service -- one of the few government agencies explicitly authorized by the Constitution -- has reached its $15 billion credit limit with the U.S. Treasury and has effectively run out of money, said Williams, whose job is to prevent fraud, waste and program abuse and promote USPS efficiency.
"This is the year that they borrowed so much that they can't borrow anymore," he told the newspaper.
Read more: http://www.upi.com/Top_News/US/2013/01/16/Inspector-General-USPS-bailout-or-shutdown/UPI-80811358326800/?spt=hs&or=tn
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