(Bloomberg) -- New York’s Metropolitan Transportation Authority is projecting that it will face a combined deficit of $3.5 billion in 2024 and 2025 as the largest U.S. public transit system struggles to bring riders back after the pandemic.
MTA officials released updated financial forecasts during a board meeting on Wednesday.
The New York City subway, bus and commuter train operator borrowed $2.9 billion last year through the Federal Reserve’s emergency lending program and may use those proceeds to help close the budget shortfall, Bob Foran, the MTA’s chief financial officer, said during the meeting.
The agency has also received an injection of aid from President Joe Biden’s rescue plan that has helped it cope with the steep drop in revenue since Covid-19 struck.
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