According to a report on Bloomberg.com, New York’s Metropolitan Transportation Authority (MTA) will run out of money in August if the U.S. Senate does not approve the economic stimulus measure that would provide about $3.9 billion to the agency, Chairman Patrick Foye said.
“We’re in a dire financial situation,” Foye said during a Bloomberg Television interview, as the city prepared to enter a second phase of reopening. “It is absolutely critical that the MTA receive that money.”
The $3 trillion measure passed by the Democrat-controlled House of Representatives would provide about $1 trillion to state and local governments being battered by the shutdowns. The amount the MTA would receive could carry it through the rest of the year, Foye said.
Earlier this year, the system received $3.8 billion with the enactment of the $2 trillion stimulus package in March. That money will fund the system through August, Foye said.
MTA runs the city’s buses and subways, regional commuter rail systems, and several bridges and tunnels. Its revenue since the COVID-19 lockdown began in March plummeted along with a 90% drop in subway and bus ridership, while costs increased as crews disinfect its train cars and stations daily, Foye said.