From the NY Post:
MTA brass are considering a fare hike as early as this year as they struggle to fill a $750 million budget gap, The Post has learned.
Increasing the cost of a ride on subways, buses and commuter rails in 2010 is just one option out of many that officials have put on the table to overcome the staggering deficit, management sources said.
"I think there is a set of options. And the fare is one of those as we try to get to the bottom line," a board member said.
"In view of the reaction we got to the service reductions we have out there, I think that asking most board members if they'd rather see more service cuts or a fare increase, I think, at the moment, many would pick a fare increase."
Last week, the MTA held a series of public hearings on a slew of service cuts and the elimination of free student MetroCards, which would save about $383 million.
That leaves an additional $378 million gap that has to be closed this year, because the state cut aid to the MTA, took money from its tax revenues, and miscalculated how much the agency would get in payroll tax revenues.
A 7 percent fare increase is already scheduled for 2011, and The Post reported last month that it could be higher.
The MTA said in a statement that it intends to stick to that 2011 schedule.