MTA chief uncertain on $12B in COVID-19 reduction earlier than finish of 2020
The MTA just isn’t anticipating $12 billion for Christmas.
Chairman Pat Foye says he isn’t optimistic concerning the company’s prospects of getting a multi-billion greenback bailout from Congress earlier than the tip of 2020 — whilst its board prepares to vote on drastic cuts subsequent month.
“I feel the chances are high that there will likely be no COVID-19 reduction invoice this 12 months for mass transit, or states and cities, that’s actually the way in which it seems,” Foye mentioned throughout an look on CNBC on Tuesday.
The MTA needs $12 billion from the feds to cowl huge losses amid the coronavirus pandemic, which has decimated its typical streams of tax and ridership income.
With out the funding, officers have mentioned they need to make 1000’s of layoffs and slash transit service in half — a plan that will likely be voted on in December.
Foye expressed optimism about train-loving President-elect Joe Biden — who he mentioned “provides us nice hope” — however reiterated feedback from final week that the MTA’s destiny rests with Senate Republicans.
“The Senate Republican management in Washington has been holding up funding for states and cities, public transit companies together with the MTA,” the appointee of Gov. Andrew Cuomo mentioned.
“The consequences on the New York economic system from a transportation perspective and environmental perspective, a job perspective, on a social fairness perspective, could be devastating if we don’t get the $12 billion of federal funding.”
The MTA bought $3.9 billion from the stimulus invoice handed by Congress in March, at the beginning of the pandemic. In August, the company mentioned it wanted one other much more to outlive to the tip of 2021.
Transit officers’ justification for his or her $12 billion request has shifted since. Final week, Foye mentioned $12 billion is the quantity the MTA must cowl losses over the following 4 years.
#MTA #chief #uncertain #12B #COVID19 #reduction