N.Y.’s MTA May Face $1 Billion in Annual Debt Costs
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New York’s Metropolitan Transportation Authority would have to pay an additional $1 billion per year in debt service if it borrows to close a $15.2 billion gap in its five-year capital budget, the agency’s chief financial officer said.
The MTA already spends $2.4 billion annually on its $34.4 billion of debt, Bob Foran told reporters today in Manhattan after the MTA’s board approved the spending plan. It now goes to lawmakers in Albany.