Industry analysis of the Postal Service found rates will have to rise significantly to make up for "billions in current losses," per AP. Currently, the Postal Service is not allowed to flexibly raise rates. The House bill only allows for a one-cent increase, but Congress could change that.

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Data: AP, U.S. Postal Service; Chart: Andrew Witherspoon / Axios

Price talk: Rates would have to rise 17.6 percent for letters and packages, or almost 19 percent when including a planned overhaul of the 30-year-old truck fleet, causing prices to rise from 49 cents to nearly 60 cents for a first-class stamp.

Why it matters: Magazines, prescription drugs, election ballots. Industries that rely on bulk-mail rates would be hit hard with a big price increase like this.

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Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

Zeta, now a Category 2 Hurricane, closes in on Louisiana coast

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta strengthened on Wednesday afternoon, on track to make landfall along the southeastern coast of Louisiana by the afternoon as a "significant" Category 2 hurricane, per the National Hurricane Center.

The state of play: Zeta is producing 100-mph maximum sustained winds and stronger gusts. The storm is gaining strength as it heads northeastward at 20 mph. Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Emergency Declaration in a letter to President Trump on Tuesday.