The Metropolitan Transportation Authority (MTA) will probably have to implement fare increases and huge service reductions are next year. A budget gap that has grown substantially since the authority released their preliminary budget this summer.
The MTA depends on real estate taxes and taxes on corporate profits for revenue, and both have plummeted in the wake of the financial crisis. A state commission is scheduled to release a full report in December that will recommend solutions to the MTA's chronic money problems.
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