Several media outlets are already reporting that public transit funds will be slashed as part of the state budget that Gov. Arnold Schwarzenegger will announce later this morning.

Here’s a link to a story posted online by the L.A. Times today. The story says mass transit will face cuts, but doesn’t provide details.

The Governor will unveil the budget at 11:30 a.m. You can watch a live webcast at Schwarzenegger’s website.