The cash-strapped Metropolitan Transportation Authority is looking at massive budget cuts next year, and straphangers could end up losing some subway lines and bus routes completely.

An MTA source told NY1 on Friday that the W and Z subway lines are on the table for complete elimination and the G and M subway lines could also be shortened.

Riders might also face increased waiting times for trains at midday, decreased night subway service and the closing of four subway stations at night.

Overnight service may be eliminated on 25 bus lines, weekend service may be eliminated on 41 bus routes and another 21 bus routes may lose all weekday service.

Earlier this week, the agency said a new payroll tax meant to shore up its finances brought in about 20 percent less than what the state forecast, resulting in a $200 million shortfall.

Jay Walder, the MTA's new chairman, is faced with closing a $340 million budget gap for next year. The deficit comes after New York State officials slashed transit funds by $143 million because of their own fiscal challenges.

In Astoria, Queens, which is serviced by the N/W train, straphangers said the existing subway service is already lacking.

"We wait long enough for our N/W train already. There are tons of people who live in this area and we need two trains," said one resident of Astoria, Queens.

"Twenty, 25 minutes just for the train to get here. End up being late for work if I don't leave early enough. And that's with the N and the W, so imagine with just one train," said another local.

"You would think that a competent agency would look for a train in an area with declining ridership. Astoria is perhaps the most vibrant, growing neighborhood in the entire city with one antiquated train line going in and out," said Queens Councilman Peter Vallone. "We need better service and more service, not service cuts."

The New York Times reports that Walder has ordered a 10-percent salary reduction for 6,000 non-union employees, including himself.

The New York Daily News reports the agency is thinking about ending free transit passes for city students.

The MTA is expected to unveil its full list of proposed service changes on Monday.