Getting your player ready...
WASHINGTON — The U.S. Postal Service on Tuesday proposed a 2-cent increase to the price of a first-class stamp, hoping to cut into a massive budget shortfall as companies caught in the recession have slashed mailings and people are increasingly communicating via the Internet.
Facing an estimated $7 billion shortfall next year, the post office seeks to charge 46 cents for a first-class stamp, effective Jan. 2. The hike, along with other proposed increases to the cost of mailing magazines and newspapers, would raise an estimated $2.3 billion by the end of next year. Across the board, the proposed increases average 5.6 percent.
