With a new transit doomsday prophecy, the area's transit systems are trying to figure out exactly how they'll manage to find the funding to stay running. At a CTA board meeting yesterday, chief financial officer Dennis Anosike revealed the alarming news that the CTA's budget deficit was at $87 million, much larger than had previously been thought. When added to the ginormous shortfall in tax revenue the RTA already outlined this week, the CTA now finds itself over $240 million in the red. Well, shit. And with everyone out of cash and looking for more, the infighting has begun as the CTA and RTA clashed over where the money would come from and who knew what when. more ›

We mentioned yesterday the newest round of Transit Doom and how the RTA doesn't intend to do much about it with state funds, but instead asking the individual agencies to maneuver their way through it on their own. And because of that, the CTA may have to look to cut jobs to save money. According to the Chi-Town Daily News, the CTA's board will consider an ordinance authorizing job cuts at their meeting tomorrow. It'd be part of an effort to meet the agency's $1.3 billion operating budget for 2009. more ›