The Metropolitan Transportation Authority is unveiling its new budget today that is not going to put a smile on the faces of commuters.

The agency reportedly plans to eliminate as many as 20 bus routes, two subway lines, and put an end to discount fares for students. It’s all part of a plan to help ease a budget gap that’s been estimated at $343 million.

The cash-strapped agency was reportedly considering a plan to charge students half fares in 2010 and full price in 2011.

Critics said the MTA shouldn’t balance its budget at the expense of the City’s students.

“Who in their right mind would suggest punishing children whose only crime is getting up in the morning and going to school?” said Manhattan Borough President Scott Stringer.

Student travel funding once covered by the city and state was slashed in the mid-90’s and until now, the MTA covered the balance of the discounted fare program.

Services cuts also were likely for New York City’s public buses and subways after a court decision that supported wage raises for transit workers. The Metropolitan Transportation Authority lost its appeal of wage arbitration on Friday when a State Supreme Court judge ruled to support a 11.5 percent increase over three years for the Transit Workers Union.

The agency that runs buses, subways and suburban rail lines says wage hikes will add hundreds of millions of dollars to the budget.

The MTA board was to meet Wednesday to pass an $11 billion budget for 2010 — while trying to plug a $343 million budget gap.

The board has pledged not to raise fares, but is likely to cut service.

(Source: WCBSTV)