Postal Service Rate Increase Denied
10.01.10 |
(Washington, DC) -- The panel that regulates the U.S. Postal Service has denied a proposal to increase postage rates. The Postal Regulatory Commission Thursday said the Postal Service had failed to justify the requested five-point-six-percent increase. Instead, the panel blamed the government agency's business model for its recent financial hardships.
In July, the Postal Service proposed increasing the price of first-class postage from 44 cents to 46 cents in an attempt to compensate for decreasing revenue and declining mail volume. In August, the Postal Service reported a three-point-five-billion-dollar net loss for the fiscal third quarter of 2010. That's one-point-one-billion more than the same time frame last year.
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