Video: Government rejects Armstrong’s $5M offer to settle USPS fraud charge

(CBS News) Lance Armstrong has offered to pay more than $5 million to the federal government to compensate for the fraud he allegedly committed against the U.S. Postal Service, CBS News has learned. The Postal Service paid Armstrong’s team more than $30 million to sponsor it from 1999 to 2004 as part of a contract that banned doping.

CBS News has also learned Armstrong offered to be a cooperating witness in a federal investigation.

But our sources say the Department of Justice has turned down both offers as inadequate.

Read more: CBS News: Government rejects Armstrong's $5M restitution offer – CBS News.