Cash crunch: MTA proposes belt-tightening budget with fare hikes, cost cutting, and unmaterialized state revenue


The MTA proposed a $19.2 billion budget Wednesday that requires massive cost-cutting at the sprawling agency and fare increases that could potentially see the price of a subway or bus swipe rise above $3 for the first time.

Even with such drastic measures, the agency would still have a $600 million budget hole it needs to plug, which will require pleading with city, state, and federal lawmakers for new, dedicated streams of revenue as federal COVID-19 relief money dries up and projected ridership doesn’t return to pre-pandemic levels.