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New York increases tolls to meet budget deficits

The Port Authority of New York and New Jersey has proposed major increases in tunnel tolls and bus fares to fund infrastructure programmes due to budget shortfalls because of the recession.

The Authority says it is facing three unprecedented challenges, a historic recession resulting in sharply reduced revenue projections, steep increases in post 9/11 security costs together the rebuilding of the World Trade Centre.

Failure to act, the Authority says, will put 240 critical infrastructure projects at risk, an immediate loss of 3,900 construction jobs and $478M (£267M) in investment alone.

As a result, the Port Authority has proposed a two-phase toll and fare increase to fully fund a new £20.1bn ten-year capital plan, which will generate 167,000 jobs.

Tunnel fares are proposed to increase to £9.70 in peak periods by 2014.

 

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