While Albany lawmakers continue to debate a financial rescue plan for New York's Metropolitan Transportation Authority, agency officials yesterday announced an additional $621 million shortfall for fiscal 2009, bringing the deficit to $1.8 billion.

The MTA also estimates a $1 billion deficit for fiscal 2010 and will offer its plans to address the growing shortfall at its board meeting on Wednesday. Fares are set to increase on May 31 unless the state Legislature passes a bailout plan to help generate additional revenue and ease the fare hikes.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.