Crain's Business reports that the CTA board today voted to slash service and raise fares, unless they get a $55 million cash bailout from state lawmakers in the next few months. Check the article for the gory details, which include severe crowding and doubled delays for rush hour commuters, a 68% increase in average wait times for all services and the elimination of over 50 bus routes and the Purple Line train from Evanston. (Thanks to CTA Tattler for the tip.)