On the second-to-last day of the spring legislative session, Illinois lawmakers have finally proposed a new bill outlining how to fund CTA, Meta and Pace as the Regional Transportation Authority approaches a critical fiscal cliff.

Illinois lawmakers have introduced a bill to restructure Chicago area transit agencies — but the bill does not address the $770 million shortfall that could lead to significant cuts in service. Streetsblog Chicago reports that on Wednesday,

After months of debate, Illinois legislators released a transit reform proposal that renames the Regional Transportation Authority, establishes a consolidated police force and creates a universal fare system for the Chicago area’s mass transit agencies. But a gaping hole in the plan remains. The bill does not address revenue options to pay for it.