Cox says nothing about covering the funding shortfall for transit? That's because he intends to shut down state funding for transit (and trains, and HSR) completely, as well as any other state support needed to get federal funding. If there's no funding or program at all, how can it be a shortfall? Public transit is not a constitutional or human right, though there are some things lurking in common law that might apply. Local governments could still fund it by themselves, but good luck getting the money for that. Reading between the lines, without any more pessimism than necessary, his transportation platform is:

NO.