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New York Mass Transit Losing $200 million per week. Asks Feds for $12 Billion
Posted on 8/27/20 at 7:09 pm
Posted on 8/27/20 at 7:09 pm
New York MTA in Survival Mode as Agency Seeks Federal Aid
quote:
New York’s Metropolitan Transportation Authority, the nation’s largest mass-transit provider, is in survival mode as the coronavirus outbreak decimates its revenue, agency officials warned state lawmakers.
The MTA is losing $200 million a week because of the drop in ridership and an increase in virus-related expenses, Pat Foye, the MTA’s chief executive officer, said Tuesday during the state legislature’s joint public hearing on the impact of Covid-19 on the agency. The MTA is seeking $12 billion of additional federal funds to help cover budget deficits through 2021.
quote:
The MTA faces a projected $16 billion deficit through 2024 and has warned that without additional federal help it will be forced to boost fares higher than originally planned, freeze wages, reduce service and stop major capital projects. Those include expanding the long-awaited Second Avenue subway, updating train signals and creating direct access to Penn Station from Connecticut and New York City suburbs.
The MTA was able to borrow $451 million last week from the Federal Reserve’s new $500 billion lending program for states and cities. The 1.92% interest rate was lower than what Wall Street banks first offered the MTA, giving the agency nearly $12 million of debt-service savings over the three-year loan, Bob Foran, the MTA’s chief financial officer, said during the hearing.
38
Posted on 8/27/20 at 7:09 pm to DingLeeBerry
They better get used to walking or cycling like in old china
Posted on 8/27/20 at 7:11 pm to DingLeeBerry
No help. They must live with the policy of the politicians they vote into office.
Posted on 8/27/20 at 7:11 pm to DingLeeBerry
DeBlassio..... and his homeless shelter. NYC got the hero they deserved. F them.
Posted on 8/27/20 at 7:12 pm to DingLeeBerry
Let them drown in it. Make stupid choices, get predictable results. You can’t make this stuff up!
Posted on 8/27/20 at 7:12 pm to DingLeeBerry
Open up your fricking city
Posted on 8/27/20 at 7:12 pm to DingLeeBerry
Dear MTA:
Go frick yourselves. No, we don't care if it's your fault, blame your mayor for being a dick.
Sincerely,
America
Go frick yourselves. No, we don't care if it's your fault, blame your mayor for being a dick.
Sincerely,
America
Posted on 8/27/20 at 7:12 pm to DingLeeBerry
I need to look up the outmigration data because this says a lot. Will be interesting to dig into. Will be great when they lose district or if they shift.
Posted on 8/27/20 at 7:12 pm to DingLeeBerry
Tough shite NY. You guys fricked yourselves with bullshite pie in the sky promises and now you want hardworking Americans to pay for it. One of the most expensive cities in the world is in debt. What a crock of shite.
Posted on 8/27/20 at 7:12 pm to DingLeeBerry
Posted on 8/27/20 at 7:13 pm to DingLeeBerry
They can want in one hand and s___ in the other,....
This post was edited on 8/27/20 at 7:15 pm
Posted on 8/27/20 at 7:13 pm to DingLeeBerry
Hell no! The American tax payer should not give NYC a loan.
Posted on 8/27/20 at 7:14 pm to DingLeeBerry
If we gotta live with John Bel, they gotta live with Cuomo and DeBlasio.
Posted on 8/27/20 at 7:15 pm to DingLeeBerry
frick'em.
Posted on 8/27/20 at 7:15 pm to DingLeeBerry
That’s most unfortunate.
Shut it down until people come back.
Shut it down until people come back.
Posted on 8/27/20 at 7:16 pm to MDB
Screw em. They voted for let them own it.
Posted on 8/27/20 at 7:16 pm to DingLeeBerry
quote:
Asks
No.
Posted on 8/27/20 at 7:17 pm to DingLeeBerry
The Absurd part is that even if these morons don't take the blame for losing money in their localities that would mean they believe that the shutdown is everywhere make sense. And the shutdown is everywhere are posting everyone money. Where the f*** do they think the FED gets his money
Posted on 8/27/20 at 7:17 pm to MDB
200 million a week? What the frick.
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