as far as the names we re watching, general motors, new low there. those are some of the action we re seeing but the selling continues and traders say they expect it to continue, especially after that jobs report friday, which has no jobs at all. jenna: as you mentioned, widespread selling. we re all in it together, iness, nicole, that s the one thing we can take away from it, nicole pedelides, thank you. jon: a bizarre hostage standoff involving a father and his 12-year-old daughter, the man apparently threatening to set off a backpack he said was killed with explosives. the latest on this chaotic scene coming up. jenna: the u.s. postal service, now billions in debt, facing a default itself. will congress vote to save it or stamp it out? you know it gets no federal money, the postoffice. we re going to talk about this, coming up. jon: 42 cents or 44 cents a stamp, maybe they don t need it. yesterday, we showed you this photo, a monster captured. this is a salt water croc, weighs mor
breaking up, that s an ef-1 tornado, known to pack winds of about 100 miles an hour. and it would send a scare through you, too. martha: we re hearing today on capitol hill about the future of the postal service. right now it s facing a decifit of more than $9 billion, folks, the postoffice already cut 212,000 jobs over the last decade. right now, more than 3700 branches are facing the possibility of closing, and all this comes after congress rejected a plan to reduce the number of delivery days and to change the retiree health benefits which may have saved some of those jobsful kelly wright is live in washington. so kelly, where is all this headed? reporter: well, the title of today s hearing says it all, if you will. it basically says u.s. postal service in crisis, proposals to prevent a postal shut down, and that really basically talks about about where the postal service is now. it is in deep debt, it is expect to go have a shortfall this year of $8.3 billion on heels of
hammer. to him, everything looks like a nail, end quote. for the postoffice, labor represents about 8 percent of its expenses. that s much more than private carriers like fedex and ups. we ll be learning much more about the problems and potential solutions in testimony today before the senate homeland security and governmental affairs committee this afternoon. the hearing gets underway at 2:00 p.m. and we ll be there. jenna: we ll be talking to the chair of that committee, senator skwro eb lieberman later in the show. thank you for your great reporting, doug, thank you very much. sure thing. jon: jenna s favorite story of the day, the hunt! jenna: i don t know about that. jon: for the giant crocodile in the philippines. jenna: that s good. that was a nice reenactment. jon: animal experts have been looking for this thing for months. they scoured a creek, setting traps along several miles of shoreline. denies of people. to finally sub due the 1 ton salt water crocodile. when they final
later this month if it doesn t get congressional help. the big problem is of course is increasing costs, lay mostly labor costs in the face of declining mail volume, most people using the internet for mail. will the postoffice be able to survive? here s the postmaster general from earlier this summer. we do feel that we are still very relevant to the american public and the american economy, but we also have to make pretty tough choices ewe work through some of the financial issues that we face. on the table are major changes, including legislation that would allowing postal service to adjust the size of its work force which could mean laying off town 120,000 workers and the end of saturday delivery. that s been on the table for some time. laying off work cers a new proposal. gregg why can t be the postoffice lay off employees right now? well, it s very difficult. they have union contracts that prohibit layoffs, iron clad contracts, and the
apparently. the agency very low on cash and it s now facing default. postmaster general patrick donahue says the service is facing serious cost cutting measures, including eliminating saturday service and delivery, closing up to 3700 postal location, laying off about 120,000 workers. that s nearly #/5 of the work force. steve centanni is in washington. how soon might we see major changes in postal operations? reporter: gregg, the postoffice wants action right away but that s up to congress. now, on the u.s. postal service website, a paper says that despite unpresident dollars cost and staggering reductions, the postal service is facing the equivalent of chapter 11 bankruptcy and need to reorganize, while our business remains vital to the u.s. economy, they say we will be insolvent next month. the postoffice will default on a $5.5 billion payment