Starting mid-year, fewer subway trains would run in the middle of the day, late at night and on weekends. Two lines, the W and Z, would stop running altogether, and service on the M and G lines would be reduced. Several stations in Lower Manhattan would be closed overnight, and dozens of bus lines throughout the boroughs would see a reduction or elimination in service.
Plus reduced support to students and the handicapped!
Going along with this terrific Alex Pareene post from a couple weeks ago, I'd say that the state—and federal government; wouldn't freely available public transit in America's most important city be a rather natural recipient of stimulus funds?—ought to find a way to provide more, and more progressively funded, financial support to the MTA. But then again it is a depressing prospect, relying on the long-term financial management skills that brought you the reduced holiday fares of 2005 and the decision to sell ideally located Brooklyn real estate at a price more or less dictated by the buyer.
On the plus side, the more time I have to spend at Metropolitan waiting for the Church Avenue-bound G Train, the better the chance I'll hear Joe Crow Ryan's cover of "Suzanne." Train solo!