Post Office Wants to Hike Stamp Prices

Cites continuing financial woes

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The U.S. Postal Service proposed a three-cent increase to the price of first-class stamps Wednesday, citing continuing financial woes, the Associated Press reports. Stamps would cost 49 cents if the rate hike is approved.

Postmaster General Patrick Donahoe told a Senate committee this month that his agency is in “the midst of a financial disaster” and may need an emergency increase in postage rates to continue operating. “The Postal Service as it exists today is financially unsustainable,” he said.

The postal service has also sought congressional approval to end Saturday mail delivery to save money.