New York’s Metropolitan Transportation Authority last week approved a revised $26.27 billion, five-year capital program at its monthly board meeting. The plan slashes $1.8 billion from an earlier proposal that Gov. David Paterson rejected last year as unaffordable. It now goes to a state oversight board for consideration.

The program assumes a reduction of $1.76 billion of federal funds. Even with  cuts the program still has a $9.91 billion funding gap. The MTA envisions selling $6 billion of bonds backed by a payroll tax enacted last year on the 12 counties served by the MTA to partially fund the first two years of the capital plan.

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