Postmaster-General: Rate Hike May Be Needed

Postmaster General Patrick Donahoe says his agency may need a rate increase to stay in business. 

Donahoe made his remarks in testimony during a Senate hearing today.  Donahoe says the Postal Service is approaching next month with only five days cash on hand. 

Donahoe wants Congress to give him legal authority to close the current budget gap. 

The Postal Service cannot raise prices beyond the rate of inflation without getting regulatory approval.