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Albany Lawmakers Announce $2.26 Billion MTA Bailout
By
Jen Chung
Published May 5, 2009
Modified May 6, 2009
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By
Jen Chung
Published May 5, 2009
Modified May 6, 2009
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Governor Paterson said that he and the State Legislature have come to an agreement about the MTA bailout and the State Senate will vote on the plan tomorrow. Here's an overview: The fare increase will not be a doomsday-sized 23-25% but a 10 percent hike now, followed by "7.5 percent in 2011 and 7.5 percent in 2013," according to the AP. At the end of the month, the base fare will rise to $2.25 from $2 (a monthly unlimited Metrocard will go up to $89 from $81) and there will not be major service cuts. Previously, the Senate Democrats' plan included an 8% hike for 2009, but now the additional 2% will go towards capital projects. The plan is expected to raise $2.26 billion for the MTA, with $1.5 billion coming from a payroll tax. Paterson said, "Today's agreement will allow commuters to avoid the painful service reductions approved by the MTA Board earlier this year, and dramatically reduces the proposed fare and toll increases. This legislation will also allow the MTA's critical infrastructure rebuilding program to continue unimpeded at least through the end of 2011."
Tagged
fare hike
MTA
MTA bailout
mta rescue plan
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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