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NYMTA Adopts 2021 Budget Assuming Federal Relief Written by Marybeth Luczak, Executive Editor
“We are closely monitoring events in Washington and will revise the budget and prepare necessary actions, depending on what our federal leaders deliver,” MTA Chairman and CEO Patrick J. Foye said. “Congress should stay in session until passing a COVID relief bill that includes funding for public transportation.”
The New York Metropolitan Transportation Authority (MTA) Board on Dec. 16 agreed on a 2021 budget and 2021-24 financial plan that assumes federal relief will arrive despite Congress’ continuing debate on the next COVID-19 relief package. Officials said the budget assumes MTA will receive $4.5 billion as part of that package.
Congress is split over passing additional state and local government aid in a new stimulus bill. Experts fear the lack of such support will likely result in the same drags on the economy seen after the 2008 financial crisis.
Bipartisan negotiations on a $908 billion economic aid package are stalled due to disagreements over aid to states backed by Democrats and a liability shield for businesses being pushed by the GOP.
The $150 billion allocated to governments via the CARES Act in March offset most of the year s drop in tax revenue, but tax income is expected to decline further in the next two years, according to the Brookings Institution.
Rally Transcript:
Patrick J. Foye, Chairman and CEO, MTA:
My colleagues and I have come together again today to discuss an issue critical to our survival federal relief for mass transit.
I repeat, there will be no economic recovery regionally or nationally without significant investment in mass transit. This is not a red or blue issue. It’s a jobs issue. Mass transit systems across the country carried the United States throughout the pandemic, and we will carry it out of this crisis. The immediate need is this in order to ensure the health care workers, grocery workers, first responders and other essential personnel can continue to get to work and beat this pandemic, we need substantial federal funding now. If relief doesn’t come soon, these deep cuts at the MTA and other agencies will take effect and they will fall disproportionately on the backs of working people, low-income customers, people of color and low-income communities. We’re all following with intense interest o