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Postmaster: Money woes behind rate hike request

By Andrew Miga
Published September 26, 2013 3:56pm ET
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Postmaster: Money woes behind rate hike request
FILE - In this Thursday, Feb. 7, 2013, file photo, U.S. Postal Service letter carrier, Jamesa Euler, delivers mail, in Atlanta. The financially struggling Postal Service is seeking a 3-cent increase in the cost of mailing a letter, bringing the price of a first-class stamp to 49 cents. (AP Photo/David Goldman, File) | David Goldman

WASHINGTON (AP) — Postmaster General Patrick Donahoe said Thursday the Postal Service had no choice but to ask for an emergency rate hike given the agency’s dire finances.

One day after his cash-strapped agency proposed raising the first-class stamp price to 49 cents, Donohoe urged swift action by Congress to overhaul the Postal Service and fix its finances.

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