Posted at: 01/28/2013 8:33 AM
By: Jennie Olson
From now on, you’ll pay a little more to mail a letter.
The U.S. Postal Service is raising the price of its Forever Stamp to 46 cents – which is up a penny. The move was announced last October.
One year ago this week, the Forever Stamp was bumped up from 44 to 45 cents.
The hike comes as the Postal Service is dealing with massive debt. It’s been borrowing billions from taxpayers to make up shortfalls for having to pre-fund health care for future retirees. Technology ha also led to a decline in first-class mail.
Last year, the agency defaulted on payments twice and exhausted its $15 billion borrowing limit. The latest estimates show it’s losing about $25 million a day.