A New York transit official says it’s the “moment of truth” for the cash-strapped agency’s budget.

MTA Chairman Dale Hemmerdinger says there is no sense of urgency in Albany to pass a bill to that could prevent fare hikes and service cuts.

Gov. David Paterson said Wednesday he has a compromise that may have enough votes to pass the Legislature. He wouldn’t divulge what it is.

The fare hikes —  raising base subway fares from $2 to $2.50 — would take effect next month.

The Metropolitan Transportation Authority passed a resolution Wednesday to allow further budget cuts if necessary to cut another $600 million.

Executive Director Elliot Sander says further cuts would cause “irreparable harm.”

(Source: 1010WINS)