Post Office Nears First Default in Its History - WSJ.com This may be paid content from the Wall Street Journal, so here is a snippet: "The Postal Service repeated on Wednesday that without congressional action, it will defaulta first in its long history, a spokesman saidon a legally required annual $5.5 billion payment, due Aug. 1, into a health-benefits fund for future retirees. Action in Congress isn't likely, as the House prepares to leave for its August recess. The agency said a default on the payment, for 2011, wouldn't directly affect service or its ability to pay employees and suppliers. But "these ongoing liquidity issues unnecessarily undermine confidence in the viability of the Postal Service among our customers," said spokesman David Partenheimer. The agency says it will default on its 2012 retiree health payment as wellalso roughly $5.5 billion, due Sept. 30if there is no legislative action by then."