The MTA is reportedly in at least $34 billion deep. That’s a pretty big number, but a new report by the Straphangers Campaign really puts it into perspective after finding that the MTA’s mountain of debt is higher than at least 30 countries.
The New York Daily News reports:
Syria’s national debt is pegged at $30 billion, for example, while Cuba’s is nearly $29 billion, according to the report, which pegs the MTA’s debt at a whopping $34.1 billion.
The MTA’s debt, racked up over decades in order to fill capital program budget gaps, is paid off with fare revenues. But if the agency has to borrow more for its unfunded 2015-2019 capital plan, fares will have to be hiked even higher than expected, Wednesday’s report contends.
The Straphanger Campaign’s Gene Russianoff says, “Heavy reliance on borrowing to fix transit is crushing riders like a packed subway car at rush hour.”
Currently, the MTA is considering borrowing another $15 billion for its next capital plan.