Metropolitan Transportation Authority

After years of delays, the Metropolitan Transportation Authority on Sunday launched the new toll on traffic entering southern Manhattan.

The $33 billion funding gap in the authority's five-year capital plan is too big, the Senate majority leader and Assembly speaker said in a rejection letter.

The Metropolitan Transportation Authority's finance committee approved $9 billion of bonds, some backed by new revenue sources.

A hearing for four separate federal lawsuits seeking to block the congestion pricing plan is set for Dec. 20.

The agency says it will be able to fully fund its current and upcoming capital plan, despite lowered tolls. 

Opposition from President-elect Trump and lawsuits from all sides persuaded Gov. Kathy Hochul to lift her pause on the tolling program.

The incoming administration's opposition to congestion pricing has put renewed pressure on New York's governor. 

The larger supply calendar should be "taken down well given the persistent inflows into our market and investors are still sitting on plenty of cash," said Daryl Clements, a municipal portfolio manager at AllianceBernstein.

The MTA's biggest-ever capital plan focuses mostly on upkeep for the system. But it's more than $33 billion short of funding for the five-year program.

The New York region's beleaguered transportation agency could need up to $92 billion for its next capital plan, said State Comptroller Thomas DiNapoli.