Congress gives Postal Service reprieve on debt

The San Francisco Chronicle reports:

On Friday, the U.S. Postal Service faced default on its debt obligations and breach of its $15 billion debt limit. Congress granted a reprieve until Nov. 18.

That deadline also might come and go, but by next summer, the postmaster general has warned, the nation's second-largest civilian employer after Walmart will run out of cash to meet its payroll.

Great long term planning by the government!