It’s going to cost more to mail that letter

It’s going to cost more to mail that letter

The USPS says it needs to increase the cost of a first-class stamp. Photo: Associated Press

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.

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.

Recent Headlines

in Music

Jack White launches new Third Man Records store in Detroit


Rocker Jack White has launched his first Third Man Records venture in his native Detroit.

in Black Friday, Viral Videos

WATCH: Holiday parodies of the year’s biggest hits


From "Bad Blood" and "Watch Me," to "Uptown Funk," here are the year's hottest songs made fit for the holidays.

in Music

Adele announces tour


Adele, whose latest album "25" has smashed sales records in its first week of release, announced on Thursday she would begin a 15-week concert tour.

in Black Friday, Viral Videos

WATCH: What ‘Black Friday’ would look like as a scary movie


Black Friday would be a scary shopping experience if it got the Hollywood treatment.