111008mta.jpgThe sky is falling undergound! (And above ground, where the buses drive.) At an MTA finance committee this morning, officials announced that they're looking at a $1.2 billion budget deficit in 2009, which is $300 million more than what was projected in July. Chief executive Elliot Sander says the dire fiscal situation was caused by a sharp drop in revenue from real estate and corporate taxes. Sanders also said that because "the 2000-2004 capital program was essentially put on a credit card," the MTA is facing massive interest payments which are projected to rise to $2 billion by 2012. According to City Room, Sanders warned that "if the governor and the Legislature do not act within a certain period of time, in the spring, then the fare and toll increase and the service reductions will take place."In a statement, Governor Paterson reminded New Yorkers that a special commission will soon release a report on ways to manage the MTA's "dire fiscal situation." One option under consideration is to start charging tolls on the East River bridges.