Unfortunately, not all USB printers are compatible with AirPort base stations. In addition, the AirPort's USB port does not support the "advanced" printer functions, like scanning, copying or faxing, of multi-function printers.
To see if your printer is compatible, take a look at this iFelix Unofficial AirPort Printer Compatibility link. Your specific printer is NOT listed, but it doesn't necessarily mean it won't work; just simply that it has not been verified. iFelix also provides the following workaround for printers not on the list that would certainly be worth a try.
Also you can try this Apple Tech Support article to see if it will help: Printer troubleshooting for AirPort Base Stations and Time Capsule
Finally, check out this IBM support article to see if your printer is listed as having a Postscript or PCL3 interface. If it does, then it will most likely work with the AirPort's USB port. Printers that use the "HP LIDIL" interface must be connected to a computer directly and will not work.