New York’s Metropolitan Transportation Authority expects to have a “gap” in its 2008 budget of $345 million, climbing to more than $1.1 billion in 2009, nearly $2 billion in 2010, and more than $2 billion per year after that. To close the gap, it proposes to cut service, including some trains and several buses, and raise fares by 23 percent.
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Does this deserve your subsidy?
Flickr photo by Jenniferrt66.
Even after these changes, it projects losses of $266 million in 2010, $454 million in 2011, and more than $600 million in 2012 (see page 18). The big problem is that the city and state of New York are both tapped out — “Neither the city nor the state has any money,” says Mayor Bloomberg. Governor David Paterson adds the state has “vast budget problems.”