Patrick Foye, the chairman of the largest U.S. public transit system, says he is willing to provide documentation of the corporation's financial crisis in return for a federal bailout.
The New York Metropolitan Transportation Authority is set to run out of emergency funding in August, and still faces a $9 billion deficit. Like many mass transit systems nationwide, the MTA has taken a massive financial hit as a result of the coronavirus pandemic.
Ridership is down as many workers and students stay home, and costs associated with keeping trains and buses running have increased due to safety precautions, such as deep cleaning and decreased capacity.
"We are not looking for, nor do we expect, a blank check," Foye told John Catsimatidis during an interview that aired Sunday on WABC radio's "The Cats Roundtable."
"We realize that we're going to have to show that we have these increased costs, and that revenues have been reduced significantly as a result of the pandemic. And we are prepared absolutely to do that with FTA when an MTA relief bill passes."
Foye was responding to a comment by Catsimatidis about recent discussions the radio host had with officials "at the highest level" in Washington, D.C., about a potential bailout provided there is "a federal monitor" to track how the money is spent.
"The federal government has a huge stake in the recovery of New York City given the fact that so much of the GDP of the nation, approximately 10% – it was slightly under 10% – comes from the New York City region," Foye plead. "This is not an investment that is only in the interest of New York City in New York State. It benefits the entire country."
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