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The rescue plan put forward by the Ravitch Commission a few months ago had two parts: a new payroll tax on businesses and new tolls on the East River and Harlem River Bridges. But the State Senate has shown strong opposition to implementing the bridge tolls.

State Senate Majority Leader Malcolm Smith said today that bridge tolls are not necessarily dead, and said the Senate is still working on its version of an MTA rescue plan. He pushed criticized the MTA’s March 25 deadline, which says that if Albany fails to act before then, it will move forward with plans to raise fares and cut service.

"I just don't think it's appropriate for the MTA to sort of hold the public hostage and say, 'Well if we don't get to the deadline we're going to charge you more,'” said Smith. “I mean, the public didn't cause their failures in terms of how they manage their budget."

As the Senate stalls, the State Assembly did its part. Assembly Speaker Sheldon Silver put forward a compromise plan that would set bridge tolls equal to the cost of a subway ride.

"I suggest to all of the people who have to consider this issue, that if they look at their constituents, they will find across the board at least 75 to 80 percent of them use those mass transit systems [and] will be called upon to pay those exorbitant fares every day," said Silver.

With time running out and hopes dimming for an MTA rescue plan in Albany, the MTA is taking the unusual step of holding an emergency board meeting Friday to discuss its options, including how big a fare increase would need to be approved on March 25.