Postal Service to run out of money at the end of the month

It is not clear what will happen if the Postal Service does default. Oversight committee chairman Rep. Darrell Issa, Republican from California, and other committee members have said the result will likely be a taxpayer bailout.

In a video to introduce the new website, Oversight drives this point home, pointing to the parallels between USPS’s financial situation and that of banks and car makers which ultimately received government bailouts.

“An American icon is broke,” begins the video’s narrator. “Done in by decades of lavish spending. Defeated by new technology. Booming last century, it’s bleeding money today. Customers flee. It begs for a government bailout. The collapsing clunker: not a car make, not a bank. It’s the United States Postal Service: out of money, and almost out of time. But not out of options.”

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