When Is The Bailout Coming?

Reuters is reporting that the USPS lost $1.3 billion in its most recent reporting quarter -- but that's better than the $3.3 billion it lost in the same quarter a year earlier.

That's the good news.

Now the bad news:

• The October to December period, which is the first quarter of the Postal Service's fiscal year, is typically the strongest [quarter] because of the holidays.
• This year, extra mail tied to the November elections and stronger revenue from holiday-related packages contributed to a better quarter.
• The Postal Service defaulted twice last year on required payments to the federal government and lost almost $16 billion during the fiscal year.

Defaulted twice in one year, no bailout, and nary a whimper from anyone.

Two defaults in one year.

That must be some kind of record.