On November 7, 2007, the Chicago Transit Board approved a 2008 budget that includes significant service reductions, fare increases, and layoffs in order to bridge a projected $158 million shortfall. At the same time, the Board expressed hope that the Illinois General Assembly can reach agreement on a transit funding package so that the actions can be averted.

Effective January 20, 2008, the CTA will eliminate 81 of its 154 bus routes; lay off more than 2,400 employees; and raise fares to record levels. In addition, with more than 700 fewer buses operating due to the bus route eliminations, the CTA will close three of its eight garages. Service on the remaining routes will be provided by other locations.

The links below include details regarding CTA service reductions and fare increases.
Remaining and Eliminated Bus Routes as of January 20, 2008 (PDF)
Current Fare Structure and Fare Structure as of January 20, 2008 (PDF)