I'd be far more supportive of increased transit funding than I'd be of these new bike lanes. And I take the bus about as much as I cycle.
We have busses that are over flowing and leaving passengers at stops because the demand for the service is so high. I haven't seen bike lanes bursting with bicycles yet.
The article Jonny posted makes it pretty clear - "build it and they will come" comes with too much risk. Risk of having the bike infrastructure significantly underutilized while putting the squeeze on motorists.
If we're going to spend money on transportation, make sure that it's good for the region. Public transit fits this nicely.
We keep going on about how biking is good for the environment, good for the cyclist, etc... but show me where a decrease in vehicle use and obesity/health issues is directly attributable to the investment in cycling infrastructure.
I think people are far more likely to switch from car to bus than from car to bike if you're interested in eco-friendly transportation.