(AP) - The MTA board is considering a 2009 budget that ultimately could raise subway and bus fares while cutting service.

The MTA needs to raise fare and toll revenue by 23 percent by June in order to plug a budget gap that was worsened by the global financial crisis.

The board is expected to vote Wednesday to approve that budget.

However, details of the fare hikes and service cuts won't be finalized until early next year, after a series of public hearings.

Under the MTA's worst-case scenario, the cost of a single bus or subway ride could rise to $2.50, and a monthly pass could cost around $100. Service cuts would include the elimination of bus and subway lines in areas where there is either a low number of riders or a duplication ofservices.