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Thursday, 19 September 2013 10:33

Postmaster says USPS may need emergency rate hike

WASHINGTON (AP) - The Postal Service may need an emergency rate increase to stay afloat. That's according to Postmaster General Patrick Donahoe (DAHN'-uh-hoo), who's testifying before a Senate committee. Donahue says the agency's cash balance next month likely will cover only five days of its average daily expenses. The panel is looking at a plan to fix the agency's finances, including ending Saturday delivery and changing the way retiree health care costs are calculated. Without help from Congress, the agency expects its multibillion-dollar annual losses to worsen. Media and marketing firms that depend on postal services say a broad rate hike could hurt their business. The independent Postal Regulatory Commission must approve any emergency postal rate increase request.