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U.S. Postal Service wants emergency rate hike
WASHINGTON, D.C. (NEWSCHANNEL 3) - The cash strapped Postal Service is proposing a so-called emergency rate hike.
The Postmaster General is testifying Thursday before a Senate committee.
Patrick Donahoe wants first-class postage stamps to go up to 49 cents starting in 2014.
He says the three-cent increase would raise about $2 billion in additional revenue a year.
The Postal Service posted a $15.9 billion dollar net loss last year.