Postal Service Threatened with Drastic Cuts in Jobs, Benefits

Acknowledging that its request is "extraordinary, the US Postal Service has told Congress that "we will be insolvent next month,” and need to break labor agreements and get out of the federal retirement system. Mail volume has dropped by 20 percent, producing a loss of $20 billion in the past four years, $8.5 billion last year alone. We hear more from Lisa Rein, who reports on the federal government for the Washington Post, and Maynard Benjamin, president of the Envelope Manufacturers Association.