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Yesterday, New York's Metropolitan Transportation Authority (MTA) board approved a plan to raise fares between 25 and 30 percent and cut service on its subway, commuter-rail and bus systems to help make up a $1.2 billion budget shortfall.

MTA will raise base subway fares from $2 to $2.50, while commuter-rail fares will increase up to 29 percent for all ticket types.

Service reductions will be phased in beginning in May. Fare increases will take effect on May 31 at MTA New York City Transit, and June 1 at MTA Long Island Rail Road and Metro-North Railroad.

For more details on the fare increases and service reductions, follow this link.