The word on the street is that an amendment will be introduced by Barbara Boxer to the Lieberman Warner Climate bill that would raise $171 billion dollars for transit (see title VI subtitle B). While this sounds good, it is only pennies. Over 50 years, thats only $3.42 billion per year which compared with the last transportation bill was $244 billion over 6 years, most of it for roads.
Now there is another pot of money that could possibly be used for transit. There will $544 billion available as energy block grants. The money is available for states that reduce GHG emissions. Some of that money could go to transit as well. Now this is just an amendment and while its got some support, it still needs votes.
We'll let you know more as it comes online.