NEW YORK, NY March 26, 2009 —One day after the Metropolitan Transportation Authority approved a fare hike and service cuts to cover a $1.2 billion budget gap, Mayor Bloomberg says the 25 percent fare increase is the lesser of two evils.

BLOOMBERG: That’s not good for our economy, it’s not good for people in these times, but the alternative would be to close down mass transit and we’re not going to do that.

If state lawmakers do not find an alternative solution to the MTA's budget woes, city subways and buses will cost $2.50 a ride -- and a monthly metrocard will go up to $103. In addition, two subway lines and 24 bus routes will be eliminated.