The latest news from the MTA underscores yet again the urgent need for all of us in Albany to come together and hammer out a solution that will prevent a massive fare hike and deep service cuts from going into effect.

I've put forward a plan that asks everyone who has a stake in the MTA to be part of the solution and provides a stable, long term funding stream for mass transit throughout the region. As talks continue, I am hopeful that we can reach an agreement in time to reverse the MTA's doomsday plan.

During the 1970's fiscal crisis, we stopped investing in the MTA. It was a horrible mistake that had a devastating impact on the city, on the suburbs and on the entire economy. We cannot afford to make that mistake again.

Every New Yorker and every company that does business here has a stake in the future of the MTA. A safe, efficient and dependable mass transit system is critical to the region's economic health and a major factor in our ability to weather this economic crisis, and attract and retain jobs.