Report: MTA Debt Could Cause Fiscal Disaster
NEW YORK (CBS 2) – There’s a grim outlook for the MTA Thursday morning.
According to the Daily News, transit riders are facing even bigger fare hikes and additional service cuts if the next governor of New York doesn’t increase funding.
The paper said analysts from the Drum Major Institute for Public Policy are warning MTA debt payments are soaring – and that the next governor needs to come up with new sources of revenue to avoid a fiscal disaster.
The MTA has already decided to raise subway, bus and commuter fares in January to help plug a nearly $900 million budget gap.