New York’s Metropolitan Transportation Authority proposed a balanced operating budget for 2010 yesterday but set aside additional reserves in case its assumptions prove overly optimistic.

“We have achieved now a measure of stability,” said MTA chairman and chief executive officer Jay Walder. But “we’re far from out of the woods. That narrow context of stability may well be an illusion.”

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.