Today's the day

The Times' Ron Lin lays out the high stakes surrounding today's vote on the MTA fares. He says its a crossroads for MTA financing, and perhaps a choice on a direction for the agency:

Officials say the increases are needed to close a projected deficit created, in part, by the court-ordered expansion of bus service, as well as by the expansion of the rail network. Rising fuel prices and employee benefits have also hit the agency hard. The MTA is also struggling with $4.7 billion in debt accrued over the years to build rail lines and other capital projects, including its $300-million, 26-story downtown headquarters. For the current fiscal year, the MTA is budgeted to spend $360.6 million paying down its debts — more than its entire $229-million budget for operating the rail system. The MTA is pushing for the higher fares as officials construct new rail projects to East Los Angeles and Culver City at a combined cost of about $1.5 billion. It is also planning new routes from Pasadena to Azusa and from Culver City to Santa Monica. Today's hearing "is a big day for L.A.," said MTA spokesman Rick Jager. "We are at a point now where something has to give."