New York MTA Borrows $600 Million as Losses Shut Subways, Buses
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New York’s Metropolitan Transportation Authority, which eliminated two subway lines and cut bus service to save money, plans to sell $600 million in bonds as it grapples with an $800 million spending gap.
The largest U.S. transit system’s yield premium has surged 24 percent since April 1 while subsidy payments were delayed as the state operated without a budget, and a payroll tax and dedicated real-estate levies produced less revenue than forecast.