(ZEROHEDGE) – New York's MTA is losing an astonishing $200 million per week as a result of the drop in ridership associated with the coronavirus pandemic. As a result, the organization is doing what all underprepared organizations are doing when forced upon hard times: begging the government for more help.
The MTA is currently in "survival mode" according to a new report by Bloomberg that highlights that the agency is seeking $12 billion worth of federal funds to help cover its budget deficits through 2021.
Pat Foye, the MTA’s chief executive officer, said earlier this week: “Our sole focus now is on survival, how to reduce costs, maintain service and minimize reductions in force while protecting the capital program.”
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The organization's Board has convened an emergency meeting in August to discuss its finances. It faces a $16 billion deficit through 2024 and has told the government that, without help, it will need to boost fares, freeze wages, reduce service and stop major capital projects – you know, all the things a business should do when its customers start to wane.