The MBTA's board is considering a proposed budget even as lawmakers and Gov. Deval Patrick continue squabbling over a transportation funding bill.

The T's spending plan for the fiscal year starting July 1 banks on some agreement being reached for the state to assume the transit system's $118 million deficit. But it also includes contingencies should that not happen.

The backup plan includes using nearly $78 million in one-time revenues to help close the gap, including $48 million in federal funds that would be diverted from preventative maintenance and a $13 million surplus from the current year that would otherwise go toward paying debt.

MBTA officials say the remainder of the deficit would have to be covered by fare hikes and or service cuts.

The board is scheduled to vote on the budget today.