The rising debt of New York’s Metropolitan Transportation Authority is “an absolute ticking time bomb,” its finance committee chairman said Wednesday.

Andrew Saul, also the board’s vice chairman and a general partner at investment firm Saul Partners LP, said increased borrowing for capital projects — which the MTA introduced as part of its preliminary budget for fiscal 2012 and four-year financial plan — could leave the authority with up to $36 billion worth of debt by 2015.

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