U.S. Postal Service officials filed notice Wednesday with the Postal Rate Commission to raise the price of first-class stamps from 58 cents to 60 cents.

Postmaster General Louis DeJoy, speaking at the White House, said the USPS needs to cut more red ink out of its budget.

"I've still got $80 billion to $90 billion to do," DeJoy said.

President Joe Biden last week signed a bill to provide postal officials with $50 billion in financial relief over the next decade as the service aims to overturn years of losses.

According to Reuters New Service, USPS has reported net losses of more than $90 billion since 2007 and continues to struggle with diminishing mail volume and having to deliver to a growing number of addresses.

The legislation eliminates a requirement to pre-fund retiree health benefits for current and retired USPS employees for 75 years -- a condition faced by no other federal entity.

Future postal retirees must now enroll in government health insurance, a move expected to save the agency $22 billion over 10 years.

Do you want more business news? Check out B Magazine, and the B Magazine email newsletter. Go to www.semissourian.com/newsletters to find out more.