Postal Service wants to raise cost of a stamp starting Jan. 2
If approved by the Postal Regulatory Commission, whose appointees are named by the president, the cost of a first-class stamp will go up 2 cents, to 46 cents, effective Jan. 2. It would be the seventh increase in a decade for the Postal Service, which has operated without tax-based subsidies from the government since 1982.
Revenue has declined with the advent of e-mail and competition from private shipping companies. Postmaster General John Potter has called the Postal Service’s financial situation dire. The agency faces a $7 billion projected deficit in the fiscal year beginning Oct. 1.
The rate increase, along with increases for shipping newspapers and magazines, is expected to bring in an additional $2.3 billion of revenue in the first nine months of 2011.