Mailing a letter to friends and neighbors could soon cost nearly a dollar if the United States Postal Service gets its way. Earlier this week, Postmaster General David Steiner proposed raising the price of a first-class stamp from 78 cents to between 90 and 95 cents.

If approved, it would be the eighth price increase the USPS has implemented on first-class stamps. The price was 55 cents in August 2021 before rising to 58 cents. Since then, stamp prices have increased by 2 to 3 cents each time, often twice a year.

According to CBS News, Steiner said the increase could help address some of the agency’s financial woes, as it is running a $9 billion deficit. He told a congressional panel the USPS is at risk of running out of cash within 12 months if it cannot sell more products, cut additional costs and raise prices.

Even with the increase, stamp prices would still be lower than in countries such as Canada, Brazil, Italy and the United Kingdom.