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New Yorkers See Debt Eat Fares as Health Costs Rise: Muni Credit

When New York’s Metropolitan Transportation Authority asks riders to pay more in fares and tolls next year for the second time since 2011, the extra revenue won’t go toward maintaining its aging fleet.

Instead, the $450 million in additional cash that the agency expects to net annually from the 7.5 percent boost will be swallowed by growing health-care, debt-service and pension costs. The planned increases are built into the biggest U.S. mass-transit system’s 2013 budget and four-year financial plan, which officials are set to unveil today.