On August first, USPS failed to make a required payment of five point five billion dollars for health care benefits for future retirees. It was the first time the postal service has ever failed to make such a payment. And, the service is warning that it may have to delay making payments to companies to which it owes money.

The Postal Service says that without major changes, it will continue to lose billions of dollars a year. The Washington Post newspaper reported that Postmaster General Patrick Donahoe told reporters “Congress needs to act responsibly.” In his words, “this is no way to run any kind of business.”

The Postal Service receives money to pay for operations from the sale of stamps, products and shipping services. It does not receive direct government assistance, but is controlled by the federal government.

And that’s the VOA Special English Economics Report. I’m Christopher Cruise.

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