The far-reaching MTA service cuts approved yesterday are just the tip of the iceberg, according to Mayor Bloomberg. Reducing service, eliminating the W and V trains, and cutting dozens of bus routes will help the MTA close about half of its $750 million budget shortfall—meaning the agency will need to make $400 million of additional cuts by the end of the year. "This is just the beginning," Bloomberg told the Post. "The next round I would think would be much worse ... So save your anger for the next round. Just say thank you that it isn't any worse with this one."
According to MTA chief Jay Walder, the service cuts the MTA will impose to plug the remaining budget shortfall won't be as severe as the cuts that were approved yesterday. He also said he "intended" to not raise fares in 2010, sticking with the MTA's planned 7.5 percent fare hike in 2011. But according to the Times, officials are already discussing increasing fares and tolls, and some insiders think pending hikes could increase fares by 10 to 12 percent—bringing the base cost to $2.50. "There's definitely going to be a fare increase; now the question is will it be enough?" said board member Allen Cappelli. "Probably not."