Plummeting tax and fare revenues that have been depressed further by the ailing economy could increase the Metropolitan Transportation Authority’s budget deficit this year by $650 million, according to a new estimate made public on Monday. If the doomsday forecast is borne out, the authority’s deficit this year could grow to nearly $2 billion.

Subway ridership fell 2 percent in January compared with last year.

The authority has already proposed a steep increase in fares and deep service cuts if it does not get a state bailout. But if its finances worsen significantly, it could be forced to take even more drastic measures.

“This is obviously breathtaking,” Gary Dellaverson, the authority’s chief financial officer, said as he presented the projections to a meeting of the authority board’s finance committee.

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