The US Postal Service is asking for the biggest price jump on stamps in its history. Under pressure from the Trump administration to address a revenue shortfall, on Wednesday, the Postal Service proposed raising the price of 1-oz. letters from 50 cents to 55 cents. If approved, this would be a record nominal increase. According to CNN, the price of each additional ounce would go down slightly.

The request was made by USPS's board of governors, which has been operating on an emergency basis due to lack of confirmed members. It will have to be approved by the Postal Regulatory Commission. It will have to be approved by the Postal Regulatory Commission. The USPS had the following to say in a press release.

"The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue," the USPS said in a press release.

According to CNN.... As letters and advertising mailers have been replaced by e-mail and online ads, the USPS has been making less and less money. Revenue from first class mail declined from $28.4 billion in fiscal year 2015 to $25.6 billion in 2017.

President Donald Trump has repeatedly criticized the terms of USPS' contract to deliver Amazon packages, saying the following:

Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer?" Trump tweeted last December. "Should be charging MUCH MORE!

According to CNN, in April, Trump ordered a review of the Postal Service's business model by a task force led by the Treasury Department. Postal Service spokesman Carl Walton says the review has been completed, but that the agency hasn't seen it yet.

I will keep you posted friends!