WCBSTV Reports: The Senate’s Democratic majority reached a tentative agreement Monday night with all its 32 members needed to approve a bailout of New York City’s transit system and avoid double-digit fare increases and service cuts, WCBSTV reports.

Senate Majority Leader Malcolm Smith met privately with key senators in opposition into the evening Monday. But with concessions that include special funding to school districts to exempt them from the payroll tax that would help fund the bailout, the suburban senators have so far agreed to support the proposal.

Democratic Gov. David Paterson proposed the so-called bullet aid for schools as a way to get enough votes for a bailout before fare increases begin at the end of May.

Now the proposal will go to the Democrat-led Assembly where it’s likely to be approved.

Paterson’s anger at the lack of a Metropolitan Transportation Authority plan boiled over earlier Monday, as lawmakers in Albany redoubled their efforts to save commuters from the dreaded doomsday budget.

Paterson vented about the dysfunction of the Legislature and its inability to save commuters from draconic fare hikes and service cuts.

“This idea that in the Senate that anybody can hold up the passage of this bill is starting to become an infection. It really got to stop,” Paterson said.

Among those holding up the MTA bailout were believed to be Long Island senators. Smith planned to meet with them Monday.

The two holdouts, both Democrats, had been Craig Johnson of Nassau and Brian Foley of Suffolk. Smith had promised to do his best to twist their arms.

“I usually smile at them, and say it’s the right thing to do, and it works,” Smith told CBS 2 HD earlier Monday.

Smith had been trying to allay the senators’ fears that school districts and not-for-profit groups would be hurt by the payroll tax.

The compromise? The Legislature will shell out $60 million in refunds to school districts in the MTA ridership area.

“If the bill accomplishes the goal we will give it a serious look and hope to be able to pass it,” Assembly Speaker Sheldon Silver said.

So the Assembly is on board.

Meanwhile the MTA’s request for an additional $621 million to avert a second doomsday plan is in serious trouble.

“It can’t continue to be a floating target. If we are going to tell the public we are addressing the fare hikes, we’re addressing the service cuts they can’t come back two months from now or 30 days from now and tell us ‘good try folks, at the time it was good but now it’s not good,'” Silver said.

The hope is that a bailout bill can be voted on this week.

If the Legislature does come up with a bailout plan, commuter fare hikes would be only 8 percent.