The Metropolitan Transportation Authority said yesterday that nothing is off the table when it comes to potential service cuts to get the agency’s budget back on track.

The agency may have to consider dramatically scaling back or even eliminating overnight subway service.

The agency says without a rescue plan from Albany, the planned increases and cuts will not be enough to bridge the deficit, which has ballooned by an additional $621 million this year and is expected to reach one-billion dollars next year.

In response, the MTA reworked its budget process yesterday, so that it can come to the board next month with a new round of cost saving measures. MTA Executive Director Elliot “Lee” Sander says more service cuts would be a lot more painful.

However, Governor David Paterson said today that he has a plan that he hopes lawmakers will support to avoid these cuts.

“I’d like for the leaders to get a chance to talk to their members about the suggestion I made to [Assembly Speaker Sheldon] Silver and [State Senate Majority Leader] Malcolm Smith about what I think might actually be amenable to the members who are still uncomfortable with the legislation as it is,” Paterson said. “They are reviewing it with their members. If it passes muster, we’ll make sure you know about it soon enough and hopefully vote on it as soon as when we get back. And I would like the day to be Monday.”

Albany could still pass a bailout, but time is running out with the latest round of fare hikes set to go into effect May 31st.

Source: NY1