New York MTA Announces $6 Billion Budget Shortfall
New York State Comptroller Thomas DiNapoli said the Metropolitan Transportation Authority has a $6 billion budget shortfall due to reduced ridership during the pandemic.
DiNapoli released his annual report on the MTA’s finances Tuesday. He said the agency will need to find ways to hold out for another federal stimulus package. The MTA has requested $12 billion from the federal government.
“The reality is our area is a major driver of the national GDP and so for this region to get back on its feet economically, the MTA’s solvency is critical to that. And so it's critical in terms of the national economy recovery," DiNapoli said.
Senate Republicans say additional federal coronavirus relief is unlikely to pass before the election, and there is not any guarantee that the MTA will get direct assistance.
Meanwhile, DiNapoli says the MTA will likely need to borrow funds, curb overtime, reduce service and raise fares.