New York Subway Stares Into Staggering $1 Billion Budget Hole In 2011, $2 Billion Hole By 2014

State Comptroller Thomas DiNapoli issued a red alert about the MTA, warning its $900 million budget gap will swell to a $2.1 billion hole by 2014. The fiscal disaster comes in spite of the third fare hike in two years and broad service cuts.

DiNapoli blames a “culture of complacency” for the ballooning deficit.

Indeed, revenue should be increasing:

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But debt service is growing even faster:

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And union-protected MTA workers are hanging on to big salaries. Last year over 8,000 MTA workers earned over $100,000.

Meet some of the six-figure train workers >

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