Deal Avoids CTA Fare Hike: Report

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    A deal reached Tuesday may have averted Chicago Transit Authority fare hikes, but not the $90 million in service cuts.

    A deal reached Tuesday may have averted Chicago Transit Authority fare hikes, but not the $90 million in service cuts, Crain's Chicago Business is reporting, citing reliable sources.

    The Regional Transportation Authority will issue bonds for capital projects that would be funneled to the CTA, which allows the agency to shift some federal capital funds into its cash-short operating budget, Greg Hinz reported.

    The deal between transit officials and Gov. Pat Quinn could be formally announced as early as Wednesday.

    In unveiling its 2010 budget recommendations, the CTA proposed hiking fares and cutting 827,000 hours of bus service and 57,803 hours of rail service in an effort to close a $300 million budget gap.