Leviathan Can't Cope

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2:20 PM, Aug 10, 2012 • By GEOFFREY NORMAN

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From the United States Constitution: Article 1, Section 8:

[Congress shall have the power] To establish post offices and post roads.

So, we learn that the USPS:

* Ran up $5.2 billion in 3rd quarter losses.

* Missed a $5.5 billion August payment to the Treasury.

* Will run out of cash in October.

Congress, meanwhile, is in recess.

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