Christmas is not coming early this year for the U.S. Postal Service, after regulators denied a request Thursday that would have raised the price of a first-class stamp by 2 cents, to 46 cents.
The Postal Service argued that it needed the hike in order to cover lost revenue from a decrease in mail volume, stemming from the economic recession.
While the Postal Regulatory Commission agreed with USPS' argument, it denied the request, saying that the rate hike was an attempt to address long-term structural problems not caused by the recent recession.
On its website, the Postal Service said it was disappointed by the decision.
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