August 2, 2011

N.Y. MTA to borrow $6.9B, hike fares

NEW YORK — As part of its preliminary 2012 budget, the New York Metropolitan Transportation Authority plans to borrow an additional $6.9 billion to make sure it can finish two large tunnel projects, despite debt concerns, and increase fares by 7.5 percent in 2013 and again in 2015, the AP reported.

The agency also plans to rein in retiree benefits and pressure unions for another year of wage freezes. A final version of the budget will be approved in December. The proposed fare increases will require public hearings and a separate vote. For the full story, click here.

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