Gov. Dannel Malloy says a fare hike for Metro-North riders will not happen this year.

According to Malloy, the recently passed budget fills the hole enough to cancel the planned price hike. The state had threatened to raise train and bus fares if the legislature didn't agree on a new budget by July 1.

MORE: Malloy on budget changes

Malloy has warned the legislature to come up with a long-term solution to fill the state's transportation fund.