During the 1970's fiscal crisis we stopped investing in the long term needs of our mass transit system.

It was a terrible mistake that had a devastating impact on the city and the millions of New Yorkers who depend on mass transit.

And as bad as the current crisis is, we cannot afford to make that same mistake again.

Throughout this debate, I've been clear that the MTA's plan for massive fare hikes and reductions in service is unacceptable, and I've emphasized that any solution needs to provide a stable and predictable funding stream so that our subways, buses and commuter rail continue to operate safely and efficiently over the long term.

I continue to believe that we must act now and that any viable solution must address both the immediate threat of a fare hike and service cuts and the long term needs of our mass transit system.