Postal Rate Hike Proposal Faces Senate Scrutiny

WASHINGTON (AP) — Postmaster General Patrick Donahoe appears before a Senate committee today, one day after proposing to raise the price of mailing a letter to 49 cents.

A first-class stamp is now 46 cents. Donahoe will press lawmakers to act quickly on legislation to fix his agency, which expects to lose $6 billion this year.

The rate proposal must be approved by the independent Postal Regulatory Commission.