The MTA passed a $17 billion budget for next year that does not include any draconian cuts to service or jobs. But those cuts could still come.

That’s because the budget was approved with the faith that lawmakers in Washington will pass a relief bill soon, and give the MTA at least $4.5 billion.

If that comes through the agency will just barely get through next year, before it will need more federal aid to get through the following four years. MTA Chairman Pat Foye said Wednesday if the agency doesn't get another $8 billion there could still be a 40 percent cut in subway and bus service and thousands of job losses.

"This isn’t a bluff, this is real," Foye said.

With the loss in ridership due to COVID, the agency was only able to balance this year’s budget by borrowing from the Federal Reserve, adding to its already overloaded debt burden.