MTA plans to railroad 1,000 workers

NEW YORK, NY - Budget cuts are taking a new toll on the Metropolitan Transit Authority. More than 1,000 layoffs, including many top managers, are expected as the agency strives to cope with dwindling revenue in the tough economic times.

The painful cuts will help the agency save $50 million as it seeks to cope with a sea of red ink. It's all part of a top to bottom review of the agency by new MTA Chairman and CEO Jay Walder. He seemed to foreshadow the cuts during a speech to the city's movers and shakers in January.