Earlier this week I wrote that fare increases would be preferable to service cuts on Metro. That is still true.

According to GGW (via WaPo), suggested cuts to Metro include ending late night service, opening later, increasing train headways, suspending the Yellow line in off-peak hours and running a shuttle from Huntington to King Street, closing some entrances at stations with multiple portals, and eliminating or consolidating some bus routes.

All this at a time when more people than ever need the system.

The reason? WMATA’s $1.3 billion operating budget is $154 million short. To cover the shortfall the agency will cut $81 million from the back-office, including hundreds of eliminated jobs. To cover the remaining $73 million difference, they either need more money or fewer expenses. Since the agency promised last year not to raise fares again so soon, service cuts are on the table. They shouldn’t be, but they are.

It’s worth asking though, are there other sources of money out there?

The federal stimulus would be a great place for cash, but its focus isn’t on operating existing systems, and what money it contains for transit is under constant attack. It’s an unlikely source.

Another option would be to ask the local governments that help fund Metro every year. Unfortunately, all the counties and cities surrounding Washington are as broke as WMATA itself. They have no money to send.

The states likewise have their own problems, although $73 million split three ways isn’t outside the realm of the possible.

But the thing is, there’s been a WMATA bailout in the works for some time now. Remember that federal bill that authorizes $150 million per year for WMATA on the condition that DC, MD and VA match it with a dedicated funding source? That would be $300 million per year. Oh yeah. Problem is, of course, that money isn’t ready. The states and District are working on it, but to get that money requires all three governments to adopt identical bills amending the WMATA compact agreement. It takes time, and while the process is moving forward in good faith, it may not happen soon enough to save Metro this year.

But it occurs to BeyondDC that the federal government is clearly willing to pony up to invest in the agency that keeps the federal city alive. If Congress is willing pay out $150 million per year on the condition that dedicated local funding be provided, might Congress agree to $73 million of that money now, given that the locals are moving forward on their matches in good faith? I’m not even talking about new money here, just an advance on the $150 million already authorized.

The only reason this strikes me as a bad idea is if WMATA has already assumed it will have that money in its budget. I don’t think that’s true (it would be a pretty egregious case of counting chickens before they hatch), but even if so, a second bailout should be on the table. $73 million is chump change at the federal level, but even that could be halved if the feds paid 50% of it ($36.5 million) and asked the states to each pay 1/3 of the rest. The states have got their own problems, of course, but 1/3 of 50% of $73 million is only a little over $12 million. $12 million is doable. Virginia could pay its entire share just by reallocating money currently programmed for the widening of I-66 in Arlington that nobody in Arlington supports anyway.

So while there is probably no money to be found from the localities, the feds could step in and help, or strike a deal with the states. Those scenarios seem completely reasonable, and not budget-busting in the least.

How about it, Congress? A $73 million bailout to keep the capital of the United States running. We don’t even have to call it a bailout. We’ll call it a cash advance on the $150 million to which you’ve already agreed.