Postmaster General: Get Used to Rate Hikes

WASHINGTON (AP) -- Americans should get used to "uncomfortable" postage rate increases in coming years as the U.S. Postal Service seeks to become self-sufficient, Postmaster General Louis DeJoy said Thursday.

The Postal Service Board of Governors sets postage rates, but DeJoy said he'll advocate for raising prices until "we have accomplished our objective of projecting a trajectory that shows us being self-sustaining."

"I believe we have been severely damaged by at least 10 years of a defective pricing model which cannot be satisfied by one or two annual price increases, especially in this inflationary environment," he added.

DeJoy made the remarks at a Board of Governors meeting in which the Postal Service reported a loss of about $1.7 billion for the latest quarter.

A sweeping overhaul meant to shore up the Postal Service's financial future will be reflected in the next quarter's results. The long-delayed law also ensures six-day-a-week mail delivery.

The bill was signed by President Joe Biden on the same day the Postal Service announced plans for the latest rate increase.

If the increase wins final approval from the Postal Regulatory Commission, then the cost of a first-class "forever" stamp will grow by 2 cents to 60 cents, effective July 10.