U.S. Postal Service Files for Significant Rate Increases

The U.S. Postal Service on Tuesday proposed a 2-cent increase in the price of a first-class stamp, bringing the cost to 46 cents. The change, if approved, will go into effect on Jan. 2. Rates on packages, periodicals and special services are also set to increase under the proposed plan. The hike would generate about $3 billion in the first fiscal year, according to the Postal Service, not even half of the shortfall. The Postal Regulatory Commission, which oversees the Postal Service, needs to approve the increase. The commission, whose five members are appointed by the president, has 90 days to rule.