{"id":32133,"date":"2020-07-22T18:33:00","date_gmt":"2020-07-22T15:33:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mta-losing-250m-per-week-amid-coronavirus-induced-fiscal-tsunami-top-boss\/"},"modified":"2020-07-22T18:33:00","modified_gmt":"2020-07-22T15:33:00","slug":"mta-losing-250m-per-week-amid-coronavirus-induced-fiscal-tsunami-top-boss","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mta-losing-250m-per-week-amid-coronavirus-induced-fiscal-tsunami-top-boss\/","title":{"rendered":"#MTA losing $250M per week amid coronavirus-induced \u2018fiscal tsunami\u2019: top boss"},"content":{"rendered":"

“#MTA losing $250M per week amid coronavirus-induced \u2018fiscal tsunami\u2019: top boss<\/strong>”<\/p>\n

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July 22, 2020 |<\/span> 11:33am |<\/span> Updated July 22, 2020 | 12:03pm<\/span><\/p>\n

\n The MTA is losing $200 million per week amid a once-in-a-century \u201cfiscal tsunami\u201d brought on by the coronavirus, agency boss Pat Foye said Wednesday.<\/p>\n

\u201cWe are in the midst of a once in 100 years fiscal tsunami,\u201d Foye said at the start of the transit agency\u2019s July board meeting.<\/p>\n

\u201cThe MTA has faced challenges before, but the pandemic challenge and its impact on our finances is far more severe than any questions we\u2019ve faced before,\u201d Foye said.<\/p>\n

Transit ridership has plummeted since the COVID-19 struck New York in March, to just 2.2 million trip<\/a>s per day compared to over 7 million pre-pandemic, according to MTA stats.<\/p>\n

The combination of reduced ridership and pandemic-depleted tax revenues will leave the MTA with a $14.3 billion shortfall through the end of 2021, MTA Chief Financial Officer Bob Foran told board members.<\/p>\n

\u201cThe impact of COVID-19 has just decimated our finances,\u201d he said.<\/p>\n

MTA officials this week announced plans for $350 million in initial budget cuts to overtime and consultant spending. The agency also halted work on its five-year, $51.5 billion modernization plan.<\/p>\n

Foye said everything in the agency\u2019s $18 billion annual budget is on the table, including fare hikes, service cuts and layoffs.<\/p>\n

Still, officials insisted the agency simply cannot survive without more financial support from Congress.<\/p>\n

\u201cWe can\u2019t cut our way out of this crisis,\u201d Foye said. \u201cOur immedia<\/a>te focus is on Washington.\u201d<\/p>\n

\"MTA<\/img>
MTA Chairman Pat Foye<\/span>Hans Pennink<\/span><\/figcaption><\/figure>\n<\/div><\/div>\n<\/p><\/div>\n<\/div>\n
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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#MTA losing $250M per week amid coronavirus-induced \u2018fiscal tsunami\u2019: top boss” July 22, 2020 | 11:33am | Updated July 22, 2020 | 12:03pm The MTA is losing $200 million per week amid a once-in-a-century \u201cfiscal tsunami\u201d brought on by the coronavirus, agency boss Pat Foye said Wednesday. \u201cWe are in the midst of a once…<\/p>\n","protected":false},"author":1,"featured_media":32134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[42451],"class_list":["post-32133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-mta-losing-250m-per-week-amid-coronavirus-induced-fiscal-tsunami-top-boss"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/32133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=32133"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/32133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/32134"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=32133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=32133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=32133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}