New York MTA Eyes Spending Cuts Amid ‘Fiscal Tsunami’

MTA ridership may not match pre-virus levels until nearly 2023
Agency may use deficit financing this fall, absent federal aid

Commuters ride a subway from the Marcy Avenue subway station during morning rush hour in the Brooklyn borough of New York on June 22.Photographer: Gabby Jones/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Michelle Kaske

July 22, 2020 at 5:10 PM UTC

Updated on

July 22, 2020 at 7:09 PM UTC

This article is for subscribers only.

New York’s Metropolitan Transportation Authority is considering nearly $1.4 billion of spending cuts and may impose steeper fare increases than planned as ridership may not return to pre-coronavirus levels until almost 2023.

The MTA, the largest public transportation system in the nation, is in the midst of a “fiscal tsunami,” that’s wiped away 40% of its revenue, Pat Foye, the agency’s chief executive officer, told board members Wednesday during its monthly meeting.