The Ravitch Commission is reportedly hard at work, and it's a good thing, too. Because MTA Chief Lee Sander is going to update the Metropolitan Transportation Authority board next Wednesday on the state of the MTA's finances, and it ain't gonna be pretty. So, the fact that Sander can add that the legendary Richard Ravitch and crew are working on a solution will soften the blow.

Gov. David Paterson came up with the idea for Ravitch to head a commission shortly after congestion pricing failed. So, it's a good bet that some sort of alternative congestion pricing idea will come out of the commission's deliberations, which are scheduled to finish by Dec. 5. Congestion pricing was supposed to produce $400 million to $500 million a year for mass transit upgrades. Without it, there is a huge hole in the MTA's proposed 2010-2014 construction budget.

But don't let them fool you. Even with congestion pricing money, the original $29.6 billion construction, or capital, budget was $9 billion short.