The postal Board of Governors said Wednesday that it wants to raise the price of a first-class stamp, The Associated Press reported. The rate proposal must be approved by the Postal Regulatory Commission, which is an independent body.
The increase would become effective on January 26, if the commission accepts it.
"Of the options currently available to the Postal Servicet to align costs and revenues, increasing postage prices is a last resort that reflects extreme financial challenges," Micky Barnett, the board chairman wrote customers.
Barnett made mention of "extraordinary and exceptional circumstances which have contributed to to continued financial losses" by the agency.
News reports said that the post office expects to lose $6 billion this year and is seeking help from Congress to fix its finances, the AP also reported.
The Postal Service is an independent agency that receives no tax dollars for its day-to-day operations.
