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The MTA, Hemorrhaging $200 Million Per Week, Calls For Federal Bailout

The steep decline in MTA ridership is a gift to public health. But it has precipitated an historic financial crisis.

The MTA, Hemorrhaging $200 Million Per Week, Calls For Federal Bailout
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Beset by low ridership since the coronavirus pandemic began, the Metropolitan Transit Authority is facing financial ruin, Chairman Pat Foye said, imploring the federal government to provide $10 billion in aid through 2021. 

“I described the MTA financial situation as a four-alarm fire,” Foye said during an MTA board meeting Wednesday. “But that, frankly, doesn’t do justice to the severity of the damage the virus has inflicted. We are in the midst of a once-in-a-100-years fiscal tsunami.” 

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