U.S. Postal Service Wants First Class Stamp Hike
The financially strapped U.S. Postal Service wants to raise the price of a first-class stamp to 49 cents, Bloomberg News reported.
In addition to the 3-cent stamp increase, the Postal Service wants rate hikes for magazines, advertising mail and packages.
The rate increase is expected to generate an additional $2 billion in annual revenue, Bloomberg reported.
Postal Service Board Chairman Mickey Barnett said in a letter to postal customers that increasing postage prices is a last resort that reflects extreme financial challenges.
The board may reconsider if Congress passes postal legislation, he said.
The service previously said it expects a $6 billion loss this year following a $15.9 billion loss last year.