Depends how far behind schedule you are and what the causes are.

If the project manager under-estimated the timescales then there is not a lot you can do about it.

If you are going to deliver bad news then I would avoid a drip feed of bad news because management will get the idea that whenever you open your mouth they are going to hear something bad. Give them worst case scenario, stressing that it is worst case scenario and wait until they stop ranting and raving. you should then be able to have a rational (but not necessarily constructive) discussion.

The next thing to do is examine the critical path for the project. Are the dependencies for the project correct. Are there any tasks that can be brought forward?

Can you renegotiate when resources will become available? For example, if a DBA is an essential resource but is taken up on other projects until a set date can that DBA be released from the other projects or have their time leverages so x% of their time is spent on your project?

Most decent PMs will have built in contingency into their projects. I know a few who deliberately add non-essential tasks that can be taken out later if need be.

The best quote I heard went along the lines of "It doesn't matter how many men you put on the job, it still takes 9 months to make a baby"!