Collins went on to warn that at its current pace, the Post Office would likely go belly-up by this summer.

"We are not crying 'wolf,' " she wrote. "If nothing is done, the Postal Service will not be able to make payroll next summer — stopping mail delivery in its tracks and wreaking havoc on our already fragile economy ... the demise of the Postal Service would devastate our economy."

To prevent that outcome, Collins, along with East Coast Sens. Joe Lieberman (I-Conn.), Tom CarperThomas (Tom) Richard CarperWarren turns focus to Kushner’s loans Overnight Energy: Dems probe EPA security contract | GAO expands inquiry into EPA advisory boards | Dems want more time to comment on drilling plan Overnight Regulation: Senate takes first step to passing Dodd-Frank rollback | House passes bill requiring frequent reviews of financial regs | Conservatives want new checks on IRS rules MORE (D-Del.) and Scott Brown (R-Mass.), have introduced the the 21st Century Postal Service Act, a bill that would help the Post Office balance its books in time to prevent bankruptcy. 

The plan would reduce operating costs by about $8 billion by directing the postmaster general to reduce the workforce and cause the reductions in infrastructure to properly reflect the decreased demand that has resulted from the rapid expansion of communication technology.

"For example, in some communities, the Post Office might co-locate in the local convenience store, pharmacy or grocery store," Collins wrote in the op-ed, printed in the Dover, N.H., newspaper the Foster's Daily Democrat on Thursday.

The plan would also seek to raise revenue by allowing the Post Office to ship products currently banned, like wine and beer.