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Post office nears historic default on $5B payment; says it's losing $25M a day

Published 07/30/2012, INFORUM

WASHINGTON — The U.S. Postal Service is bracing for a first-ever default on billions in payments due to the Treasury, 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.

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