US Postal Service mailboxes are seen awaiting disposal Thursday, Sept. 1, 2011, in San Jose, Calif. Because of steeply declining use, the U.S. Postal Service has removed more than 60 percent of the blue boxes, the chief culprit is the Internet. More people are paying bills, sending invitations and writing personal letters online. The volume of mail dropped into mailboxes has dropped 35 percent since 2006, said Sue Brennan, a U.S. Postal Service spokeswoman. (AP Photo/Ben Margot)
The United States Postal Service has long lived on the financial edge, but it has never been as close to the precipice as it is today: the agency is so low on cash that it will not be able to make a $5.5 billion payment due this month and may have to shut down entirely this winter unless Congress takes emergency action to stabilize its finances.
“Our situation is extremely serious,” the postmaster general, Patrick R. Donahoe, said in an interview. “If Congress doesn’t act, we will default.”
Full story: In E-Mail Age, Postal Service Struggles to Avoid a Default – NYTimes.com