NORFOLK, Va. — Mailing a letter could soon cost almost $1.
The U.S. Postal Service wants to raise the price of a first-class stamp from 78 cents to as much as 95 cents.
The agency is in a financial crunch. Postmaster General David Steiner told Congress that U.S. stamps would still be cheaper compared to other countries that have them priced at nearly $3.
"The postal service is at a critical juncture. At our current rate, we'll be out of cash in less than 12 months. So in about a year from now, the postal service would be unable to deliver the mail," Steiner said.
High stamp prices and changes to mail, such as no longer getting a guaranteed postmark the day it is mailed, are part of a 10-year overhaul plan to bring the agency back to profit.
To stay afloat, the USPS is also asking Congress to raise the agency's borrowing limit and change how the postal service invests its pension funds.
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