Sour Q1 for USPS; Could Default on Obligations
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Despite making what it contends are significant cost reductions and efforts to grow revenue, its current financial projections indicate that the Postal Service will have a cash shortfall and will have reached its statutory borrowing limit by the end of the fiscal year. Absent changes in applicable laws, the USPS says it will be forced to default on some of its financial obligations to the federal government on Sept. 30.
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