NEW YORK (AP / WCBS 880) -- Riders on New York City's trains and buses should brace themselves for a big fare hike.
The authority that runs the nation's largest public transit system said Thursday that it will have to raise fare revenue by 23 percent next year in order to plug a planned budget gap.
The MTA also has announced that 2,700 jobs will be cut.
The details of the hike are still being worked out, but if applied across the board that could raise the cost of a subway ride to nearly $2.50.
The Metropolitan Transportation Authority is also proposing service cuts that include the elimination of several bus and subway lines. Previous reports said that the W and Z subway lines would be eliminated.
The cuts and fare hikes still need to be approved by the MTA's board before they would take effect in June.
The authority says it is facing a $1.2 billion budget gap.
The Giants and Jets football teams will have a new home next season. Check out these photographs of taken over the new stadium in the Meadowlands in East Rutherford, NJ by Tom Kaminski in Chopper 880 on Monday, November 23, 2009.
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