Chicago transit riders are in for a challenging year, Transit Authority President Ron Huberman said today.

Huberman acknowledged that regular CTA users are already in a state of anxiety over budget cutting proposals that will almost certainly include fare increases and service cuts, but said the agency has no choice in light of its ongoing money woes.

If the new "doomsday" measures - as they have been termed by the agency - go into effect Nov. 4 as previously announced, CTA customers can expect to share in the agency's financial pain.

"It is likely that fare increases will be an unfortunate part of the mix for 2008," said Huberman.

The CTA is also preparing for additional layoffs and service cuts, along with the closing of garages, terminals and facilities.   Huberman said the agency has not yet made a decision as to whether some rail lines will be closed.

"I know people are anxious and we are moving as quickly as we can," said Huberman during a brief question and answer session with reporters at what was supposed to have been a budget presentation meeting. That presentation was postponed until Monday. Huberman said agency officials needed more time to consider the options before unveiling the 2008 budget.

In addition to the $24 million advance the agency has already taken on its 2008 budget, the CTA is also facing $14 million less in funding from the Regional Transit Authority.

Huberman said the agency cannot accept any additional loans and that the rest of the needed funding will have to come from increased revenues.

The CTA is scheduled to take up the issue again at 10 a.m. Monday at 567 W. Lake St.