No fare increases are on the table for 2010, but New York City’s transit system has until next week to plug a whopping $343 million budget gap.

The board of the Metropolitan Transportation Authority meets next week to pass a budget for 2010, and service cuts are likely.

The transit system received a $2.26 billion state bailout this year but a new payroll tax that was part of the bailout has fallen $200 million short of projections.

The MTA was already bracing for a $143 million cut in state aid, bringing the shortfall to $343 million.

The MTA runs the subways and buses and suburban rail lines. It is required by law to pass a balanced budget.

In June, the single-ride bus and subway fare rose from $2 to $2.25.