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The MTA Finance Committee unveiled its 2010 budget and the cuts, which are similar to those proposed in last year's so-called "doomsday budget" that were rescinded following a bailout by the state Legislature.

"The situation we find ourselves in is unfortunate to say the least," said MTA Chairman and Chief Executive Officer Jay Walder. "We're grappling with the loss of nearly $400 million virtually overnight. What we're doing is grappling, in an open and transparent way. I wish I could tell you that losing this amount of money, in this amount of time does not have painful consequences; unfortunately, I can't."

"These are all direct cuts in scheduled service to the public. There's no reason to call them anything other than that," said MTA Chief Financial Officer Gary Dellaverson.

Among the changes announced are the elimination of the W and Z lines, and 21 local bus routes, and the shortening the G and the M. Moreover, there will be a reduction of service during off-peak hours, and a 10 percent pay cut on 6,000 non-union workers, effective in April.

The agency said that it is facing a $383 million shortfall; the result of $143 million cut in state funding this year and $49 million expected to be cut next year, and $100 million less than expected in tax revenue.

"It's just unbelievable. These cuts -- and I said it last time they came around -- are going to change the New York way of life," said MTA Board Member Andrew Albert.

"I don't think they understand how much this shreds the MTA's credibility," said Gene Russianoff of the Straphangers Campaign. "There was a promise made. Riders spent hours and hours -- 45 hours in public hearings -- talking about how much this service means to them. And now all of a sudden, at the last possible moment in 2009, it's back on the table."

The MTA's bottom line took another hit, when a state Supreme Court judge ruled against the agency in an arbitration dispute with the Transport Workers Union.

The agency will have to award workers an 11.5 percent raise over three years. According to the MTA, it will result in an additional $91 million in labor costs.

In addition to the service cuts, the agency announced it will layoff about 700 workers and will eliminate free MetroCards for students.

Currently about half-a-million school kids use the passes to get to school.

The cost-cutting plan would charge students half-price fares next year, and full fares starting in 2011.

Students are eligible based on age and distance from school.

"It will be very, very expensive, yes,” said one parent.

"I just think it's a little unfair,” said a student. “It’s hard enough being a student, especially in this town. Everything is so expensive. It might discourage some students from going from classes to classes."

The program was once fully funded by the city and state, until Albany and City Hall reduced its funding more than 10 years ago.

Board members are voting on the budget Wednesday. There will be public hearings on these proposed service cuts early next year.

All these changes would take effect about mid-year.