WCBSTV reports: The MTA’s board of directors has voted to approve severe service cuts aimed at closing major budget gaps. The cash-strapped agency is facing a $400 million budget shortfall, and put into place a budget that includes stripping students of their free ride cards.

About half-a-million City kids use the cards to get to school each day.

Taking free rides away from students would save $170 million a year, but it will cost City leaders plenty.

The MTA said city and state lawmakers were to blame, and argued it has no choice but to yank the free rides.

For years Albany funded the fares, but in the last decade, those subsidies have been slashed. Some said this cut could be a bargaining chip aimed at recouping some of that money to help close the budget gap.

The governor was also taking note. “If the upturn in the market that we’re all hearing about it significant enough, the first thing I will do is target that money back at the MTA to keep students from losing their MetroCards,” said Gov. Paterson.

Speaking from Copenhagen, Mayor Bloomberg said one solution to closing the gap could be resurrecting the option of a congestion tax.

Other cuts included eliminating door-to-door service for the physically challenged and cutting several bus routes, subway lines, Metro-North and LIRR trains.

(Source: WCBSTV)