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.
Highlights of the new single-piece First-Class Mail pricing, effective Jan. 26, 2014 include:
- Letters (1 oz.) — 3-cent increase to 49 cents
- Letters additional ounces — 1-cent increase to 21 cents
- Letters to all international destinations (1 oz.) — $1.15
- Postcards — 1-cent increase to 34 cents
Wednesday's request for the increase in stamp prices must be approved by the independent Postal Regulatory Commission.
The Postal Service said it would ask for adjustment to bulk mail rates in a filing with the commission Thursday. No details were immediately provided.
Media and marketing businesses say a big increase in rates could hurt them and lower postal volume and revenues.
For full information on the proposed Jan. 2014 postal price changes please visit: http://t.co/rsDfI9Fjio— U.S. Postal Service (@USPS) September 25, 2013