NY transit officials: Budget gap could cause 15 percent hike

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NEW YORK (AP) — Transit officials say New Yorkers could face a 15 percent fare and toll hike if the state Legislature doesn't fund the Metropolitan Transportation Authority's $15 billion budget hole.

surgeThe $32 billion five-year capital budget plan will fund critical improvements to the city's subways, buses and trains. But the MTA has only identified funding sources for half of that budget.

The MTA's chief financial officer, Robert Foran, said Monday that the hike would be necessary if the transit agency has to borrow $15 billion in order to continue operating.

Gov. Andrew Cuomo, who controls the MTA has described the capital plan as "bloated." Cuomo has not offered any solutions for funding it.

 MTA board member Jeffrey Kay called the budget hole "a freight train coming at us."