New York's Metropolitan Transportation Authority plans major service cuts next year to deal with revenue shortfalls in the current month and beyond, the agency announced yesterday.

The MTA faces a triple-whammy this month as the Legislature cut $143 million of state aid that had already been allocated, a $229 million shortfall opened up in new revenue streams created in a bailout plan that passed earlier this year, and it lost an arbitration appeal over raises to union workers.

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