NEW YORK - The Metropolitan Transportation Authority reached a tentative deal on a new contract with TWU Local 100, the agency's largest workers' union, representatives from both sides confirmed on Wednesday.

MTA chief says he has a deal with the union for a new contract@NY1 pic.twitter.com/aW7t7rNDor — Dan Rivoli (@danrivoli) December 4, 2019

The terms of the agreement are not yet clear. It is also unclear how the deal will affect the finances of the MTA, which faces projected budget deficits of hundreds of millions of dollars in future years.

The deal was reached after a months-long contract dispute. Transit workers have been working under an expired contract since the spring.

MTA Chairman Patrick Foye said in a statement that the deal is "fair to taxpayers, our riders and the tens of thousands of Transit employees who have worked hard to improve subway and bus customers benefiting eight million daily customers."

Transport Workers Union Local 100 President Tony Utano said in a statement that the framework for the deal was agreed upon over the weekend before the tentative agreement was reached today.

Utano says he believes the Local 100 membership will ratify the deal in "overwhelming fashion."