Post office plans to announce new rate increase

WASHINGTON (AP) - The post office is announcing a new rate increase in an effort to reduce massive losses.

The amount of the increase and likely date for it to begin are being announced by postal officials today. The plan will still have to be reviewed by the independent Postal Rate Commission.

The post office also has proposed ending Saturday delivery to save money. Congress will have to approve that if it is to happen.

The current first-class rate of 44 cents took effect in 2009.

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