MTA Faces $2.5 Billion Deficit Once Aid Runs Out, Group Says
- MTA set to release updated financial and ridership forecasts
- Business group sees long-run deficits for the subway operator
Commuters on a subway car in New York, on July 2.
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
New York’s Metropolitan Transportation Authority will face ongoing budget shortfalls of nearly $2.5 billion a year after the emergency federal aid extended to the mass-transit agency runs out, according to the Citizens Budget Commission.
The MTA, which operates New York City’s subways, buses and commuter rail lines, will receive a combined $14.5 billion of federal aid that will help cover revenue shortfalls into 2024 after subway ridership plunged by as much as 90% during the pandemic. To address potential deficits beyond 2024, the MTA will need to operate more efficiently and cut costs, according to the report released Tuesday by the CBC, a business-backed budget watchdog.