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 CarperAvalanche of Democratic senators say Franken should resign Overnight Cybersecurity: Mueller probe cost .7M in early months | Senate confirms Homeland Security nominee | Consumer agency limits data collection | Arrest in Andromeda botnet investigation Senate panel moves forward with bill to roll back Dodd-Frank 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.