AP reports "very, very significant" fare and toll hikes are in store next year for patrons of New York Metropolitan Transportation Authority commuter railroads, subways, buses and toll bridges. Thanks to lower-than-forecast real estate and corporate tax revenue, MTA's budget shortfall has risen by $300 million to $1.2 billion. Last summer, it said it would need increases of eight percent in 2009 to cover the shortfall. Agency Executive Director Eliot Sander said service reductions might be necessary, as well, to balance the budget.
MTA operates the Long Island Rail Road, Metro North Railroad, New York City subways and buses, Staten Island Rapid Transit and Long Island Bus.
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