It's a double-whammy for straphangers and drivers as the MTA announces plans for not one, but two fare and toll hikes.

The agency, which already said it plans to raise fares in July of next year, now says it wants to increase them again in early 2011 as it looks to deal with a steep dropoff in tax revenue and rising fuel costs.

The increases were included in the agency's 2009 preliminary budget, which was submitted during a board meeting yesterday.

The MTA board must vote on the plan by December.

It's still not clear how much fares and tolls would rise, but the agency is looking to increase revenue by 8 percent next July and an additional 5 percent in 2011.

On "Inside City Hall" last night, MTA Executive Director Elliot "Lee" Sander said he's not happy about asking straphangers to dig into their pockets yet again, but that improvements to the system mean riders are getting their money's worth.

"The system is much more dependable then it was before," Sander told host Dominic Carter. "We are working very hard to improve it. They can just look at our website and look at all the different things we are doing with our text messaging and bus rapid transit; we've engaged in a myriad of improvements that I think will have benefits."

MTA officials say their budget proposal could be significantly changed based on the recommendations of a commission formed by Governor David Paterson and headed by former MTA chairman Richard Ravitch.

The panel's recommendations are due in December.

Meanwhile, one of the MTA's other plans to raise cash could bring news, weather and transit updates to riders underground.

The agency is considering a partnership with CNN to install video screens inside select stations.

If a pilot program is successful, the agency hopes to receive significant advertising revenue from ads sold on the network.

Officials say the deal wouldn't cost taxpayers a dime.

CNN is owned by Time Warner, which is also the parent company of NY1.