Metro CEO Art Leahy just finished an appearance on Airtalk on KPCC. The program focused on the budget revision that will be released later today by Gov. Arnold Schwarzenegger.

Leahy made three key points:

*If the state withdraws operating funds for transit agencies, Metro could be looking at 10% to 15% service cuts later this year and next year.

*At the same time the state is asking everyone to reduce their greenhouse gas emissions — including transit agencies — funding is threatened to those agencies. “We face a contradiction,” Leahy said.

*If the state doesn’t fund the Prop 1b transportation bond program, that could threaten funding next year for two key Metro projects that are under construction — the Expo Line and the Sepulveda Pass Widening Project.

UPDATE, 3:05 P.M.: It appears that most of Metro’s funding for the 2010-11 fiscal year has been preserved in the revised budget proposal by Gov. Arnold Schwarzenegger. Of course, the budget revision still must be approved by the Legislature and signed by the governor.