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NEW YORK CITY — The coronavirus pandemic will leave the MTA with a $16.2 billion budget deficit if the transit agency doesn't cut costs and receive billions in federal aid, officials said.
The budget deficit of the MTA is a growing crisis for the organization as well as for New York City and State residents and governments. The MTA held $31 billion in debt in 2010 and it also suffered from a $900 million gap in its operating budget for 2011. [130]
The November plan outlines actions from the MTA to shrink the structural deficit from $2.6 billion to $600 million in 2023 and from almost $3 billion in 2025 and 2026 down to $1.2 billion.
By December 2020, the MTA had decided not to implement a budget that would have resulted in 40% service cuts and massive staff layoffs, under the assumption that Congress would give $4.5 billion of aid to the MTA.
The primary deficit is defined as the difference between current government spending on goods and services and total current revenue from all types of taxes net of transfer payments. The total deficit (which is often called the fiscal deficit or just the 'deficit') is the primary deficit plus interest payments on the debt.
US budget deficit hits $2.77 trillion in 2021, 2nd highestaol.com- Biden budget seeks minimum tax on households worth $100maol.com
- Moody’s cuts U.S. outlook to negative, citing deficits and political polarizationaol.com
Subway Fare Hikes Won't Fix MTA's Budget Woes, Comptroller Says - New York City, NY - The MTA plans to increase subway fares in 2019 and 2021. It'll face a $634 million budget gap in 2022...
Subway Chief Cites Fare-Beating In MTA Budget Woes Andy Byford said fare evasion is a factor in the MTA's budget problems, drawing fire from the Manhattan DA's office. Noah Manskar , Patch Staff
The WMATA staff preliminary budget for 2011-12 shows an $89 million operating deficit. This deficit can be addressed by fare increases, service reductions, or increased funding from the participating local jurisdictions.
The New York City Transit Authority (also known as NYCTA, the TA, [2] or simply Transit, [3] and branded as MTA New York City Transit) is a public-benefit corporation in the U.S. state of New York that operates public transportation in New York City. Part of the Metropolitan Transportation Authority, the busiest and largest transit system in ...
Fare Hikes Grow Nearer As MTA Budget Passes - New York City, NY - The MTA's 2019 budget relies on about $270 million in revenue from fare increases planned for next year.