WASHINGTON -- The Postal Service has proposed to increase the price of a first-class postage stamp by 3 cents.
The rise in the cost to mail a letter, the AP reported would mean that a single stamp would cost 49 cents.
Mickey Barrett, the chairman of the postal Board of Governors cited the "precarious financial condition" of the agency, and the uncertainty about prospects for postal overhaul legislation in Congress, the AP said.
The agency expects their loss will be some $6 billion this year.
The request for the 3-cent increase is waiting for approval by the independent Postal Regulatory Commission.
The AP said the Postal Service is expected to ask for adjustment to bulk mail rates in a filing with the commission on Thursday.
A big increase, according to media and marketing businesses could hurt by lowering postal volume and revenues, the AP said.