The nation’s largest transit system teeters on the edge of a financial crisis, leaving it with few options other than imposing major spending cuts and borrowing billions of dollars
The nation’s largest transit system teeters on the edge of an unprecedented financial crisis as it emerges from the new coronavirus pandemic, leaving it with few options other than imposing major spending cuts and borrowing billions of dollars, officials say.
Patrick Foye, chairman of New York’s Metropolitan Transportation Authority, said in a July 8 interview that the only way to stave off bleak measures is for the agency to secure $3.9 billion in federal coronavirus bailout funds in the coming weeks. Without the money,...
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