The CTA board voted to hold off on major cuts, at least until July. Then, we could be looking at effectively shutting down the system if the state doesn’t deliver on funding reform that the mayor, the governor, and all of the General Assembly’s leading Democrats have promised.

From the Trib (which now charges for even yesterday’s articles, so no further links!):

“It’s clearly betting the system,” acknowledged CTA president Frank Kruesi. He supported the delay, despite having warned in October that service cuts would be inevitable in January if state lawmakers declined, as they did last month, to provide a $82.5 million bailout to the CTA.

“I am deathly afraid of what will happen if [lawmakers] don’t do anything in the spring,” CTA chairman Carole Brown said before the board voted unanimously to put off service reductions that would affect dozens of bus routes and late-night and weekend train service.

“I’m not sure they will do the right thing. I am just hopeful,” added Brown, an investment banker who expressed unease about making a financial decision based on faith.

But Brown said the CTA risked losing the goodwill of lawmakers if service cuts were imposed on their constituents…

The cuts needed to balance next year’s budget would escalate to at least 40 percent of CTA service by summer — mortally wounding the nation’s second-largest transit system — if the legislature again doesn’t come through, transit officials said.

“Our transit system would be a ghost of its current self,” warned Michael Shiffer, CTA vice president of planning.

In addition to the massive service cuts, Shiffer said, the CTA’s base fare, now $1.75, would need to be raised to more than $2.15 in July if the state doesn’t raise the transit agency’s subsidy…

Yet passage of new funding is expected to be an uphill struggle. Not only is the state strapped for cash, but suburban leaders in the collar counties have so far successfully opposed CTA lobbying efforts to restructure the Regional Transportation Authority formula that funds the CTA, Metra and Pace. They fear a money grab for the CTA by Chicago Democrats in Springfield.

“I don’t think the CTA should count on $80 million magically appearing from the state,” said David Dring, a spokesman for House Minority Leader Tom Cross (R-Oswego).

Even if new money were approved in the form of raising sales-tax collections outside Cook County, suburban officials and Metra executives have made it clear they want the money spent on transit improvements in their communities — not Chicago.

Still, legislative leaders in Springfield have provided signals in recent days that despite wrestling with a state deficit topping $1 billion, they are building momentum for investing anew in Chicago-area mass transit, including Metra and Pace. The CTA came up empty during the General Assembly’s fall veto session, leaving the transit agency with a gaping $55 million budget deficit in 2005.

The funding sources being kicked around in the press so far, like gambling or Blago’s silly software tax, have been disappointing, as has the suburban Republicans’ refusal so far to understand that transit reform might actually improve Metra’s operations, and would certainly improve Pace operations. Of course, Pace doesn’t really have any political constituency: Chicagoans don’t understand the far-flung route network and no suburbanite would dare admit to riding the bus; even if it is the poorest of the three RTA service boards, it can’t call in any favors in Springfield.