WASHINGTON (AP) - The financially ailing Postal Service is seeking a 3-cent
increase in the cost of mailing a letter - and that would raise the price of
a first-class stamp to 49 cents.
The chairman of the postal Board of Governors, Mickey Barnett, cites the
“precarious financial condition” of the agency and the uncertain prospects
for postal overhaul legislation in Congress.
The agency expects to lose $6 billion this year.
Wednesday’s request for the increase in stamp prices must be approved by the
independent Postal Regulatory Commission.
The Postal Service said it would also ask for adjustment to bulk mail rates
in a filing with the commission Thursday. No details were immediately
Media and marketing businesses say a big increase in rates could hurt them
and lower postal volume and revenues.