To help deal with a projected two-year deficit, the New York Metropolitan Transportation Authority (MTA) increased fares 50 cents. On May 4, the base fare for riding the subway and the bus will rise to $2. It is the first increase since November 1995, and ensures no service cuts on the transit system. Also included in the MTA's financial plans are the introduction of an "insurance program" for 30-day MetroCard pass users, which allows customers to obtain protection in the event of a lost or stolen card, and the phasing out of the token. The increase brings New York to the same fare level as Philadelphia. It is now more expensive than fares in Atlanta ($1.75), Chicago ($1.50) and Boston ($1.00). For more on the MTA's financial plan, click here.