Facing "a crisis in our capital funding," New York's beleaguered Metropolitan Transportation Authority is delaying projects and seeking additional subsidies to head off a projected $500 million budget shortfall in 2009. MTA is funded largely through real estate taxes, which have been declining due to the industry's downturn. Higher gas prices have raised revenues from subway fares, but that increase has been offset somewhat by lower toll collections at bridges and tunnels.

Related Summaries