Chicago Transit Faces ‘Doomsday Scenario,’ Regional Agency Says
The Chicago Transit Authority is expected to be the first agency in the region to run off the fiscal cliff.
Photographer: Al Drago/BloombergThe “doomsday scenario” for the future of Chicago’s transit system is coming into sharp focus: a $770 million budget deficit threatens thousands of jobs, sweeping service cuts and a crater in the local economy if a financial fix isn’t found by spring.
That is the picture in a report released Friday by the Regional Transportation Authority, which oversees finances for the region’s buses and rail agencies. The report outlines the dire effects that a failure to plug the gap could have on the system and the region. The General Assembly, the authority said, needs to act by the end of the legislative session in May in order to stave off a crisis.