A tunnel on the New York City subway system. (By Mary Altaffer/Associated Press) As Metro wrestles with a $189 million deficit in its operating budget, transit agencies across the country are also grabbling with declines in revenue. Metro’s finance committee is meeting this morning to discuss possible cuts and fare increases. the agency that operates New York City’s subways and buses is the latest to take a hit. the Metropolitan Transportation Authority will lay off hundreds of bus drivers and subway workers by July 4. MTA spokesman Kevin Ortiz said Thursday that more than 500 bus workers will lose their jobs on June 27. he said 100 subway workers will be laid off on July 4. the MTA says the cuts are necessary to help reduce an $800 million deficit that stems from reduced financing last year by state lawmakers. Last month, the MTA approved the elimination of a