Postmaster Patrick Donohoe

A new sense of urgency emerged Tuesday to save the U.S. Postal Service from disaster. It reported a $5.1 billion deficit for 2011 expected to grow to more than $11.3 billion next year.

Postal Service executives pleaded with Congress to come up with a plan to save the 200-year-old American institution. It’s likely to include layoffs of thousands of workers. Keep reading →