Postal Service ‘at the brink of default’

By Susan Ferrechio
Published September 6, 2011 4:00am ET
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Postal Service ‘at the brink of default’
Postmaster General Patrick Donahoe appears before the Senate Homeland Security and Governmental Affairs Committee as the panel examines the economic troubles of the Postal Service, a self-funded federal agency in decline because of the Internet and advertising losses, on Capitol Hill in Washington, Tuesday, Sept. 6, 2011. (AP Photo/J. Scott Applewhite)

The United States Postal Service is “at the brink of default” and turned to Congress on Tuesday seeking billions in funding and legislation to help it restructure to remain in business.

Facing a $10 billion loss in revenue this year, the Postal Service could be forced to shut down by August 2012 if drastic steps are not immediately taken to save it, USPS officials said.

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