ATLANTA (AP) - Metro Atlanta's rapid transit system is dealing
with a financial crisis.

The rapid transit authority, known by as MARTA, is grappling with falling revenues that were being predicted even before the economic downturn.

Managers say they could raise fares, add parking fees, reduce services and lay off workers if they are unable to deal with the $60 million budget shortfall that is expected to swell in coming months.

At a board meeting on Monday, the agency voted to approve budget cuts that includes dropping annual raises for managers, supervisors and general administrative employees and cutting back on discretionary spending.

The agency estimates it will be down another $30 million by the end of its fiscal year in July.

Last month, leaders from 11 transit agencies, including MARTA, warned Congress that despite soaring ridership for rail and bus systems, they could face at least $2 billion in payments in coming months if hundreds of long-term financing deals the agencies have
with investors collapse amid the global credit crisis.

In the upcoming legislative session, MARTA officials plan to ask state lawmakers to get rid of restrictions on how it can use its sales tax and investment earnings, and to allow eating and drinking at rail stations as a potential moneymaking opportunity.

(Copyright 2008 by The Associated Press. All Rights Reserved.)