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The Metropolitan Transportation Authority (MTA) of New York reports that federal funding will provide the organization with financial stability through the first half of 2024.
The authority expects to receive $10.5 billion in federal funding from December 2020's Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act, which passed in March 2021, MTA Officials said in a news release.
As a result, the authority will not need to take immediate action on cost-cutting measures such as right-sizing service or freezing wages. The MTA will also forgo a fare increase in 2021.
Since farebox revenue has improved, toll revenue has remained consistent with the best-case scenario, and Congress passed another federal relief package that is expected to provide $6.5 billion in aid to the authority, MTA officials said.