Committee Holds Hearing on USPS

(CNN) — A Senate committee is considering how to overhaul the financially strapped U.S. Postal Service.

The postmaster general is among those testifying in a hearing Thursday.

On Wednesday, the post office proposed raising the price of stamps by three cents to 49 cents in an effort to raise billions of dollars.

So far, the postal service has lost nearly $4 billion in the current fiscal year. It lost $16 billion in 2012.

Total mail volume continues to fall.

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