Results tagged “rescueplan”

Governor Paterson wants the State Legislature to vote on the State Senate's MTA bailout plan tomorrow and have it passed by Wednesday. This in spite of the fact that the Senate plan (which includes a payroll tax, taxi dropoff surcharges and Paterson's addition of reimbursing school districts for the payroll tax with state money) might not have the 32 votes it needs in the Senate—and some skepticism from Assembly Leader Sheldon Silver. Paterson told the NY Times, "What I’m saying is, this is not a plan that I think is going to get a blue ribbon. But what it does is it solves the huge immediate problem of the anxiety and fear that commuters have over the shocking increase in fares and the prospect of widespread service cuts." The Senate plan would include an 8% fare hike, vs. the proposed 25% hike in the doomsday plan. He also said he would, if the plan passed, look for ways to fund the MTA's capital program over the summer, but of course, there's also the additional deficit the MTA faces...

The State Senate Democrats may have a new MTA bailout proposal that involves a payroll tax and a taxi dropoff surcharge, but it might not have the votes it need for passage! The NY Times' story is headlined Latest Plan for M.T.A. Is Foundering in Albany while the Daily News is, naturally, more blunt: Senate Majority Leader Malcolm Smith's MTA plan might be dead on arrival.

After the MTA's Finance Committee voted yesterday to approve a package of severe fare increases (hello, $103 monthly unlimited Metrocard) and drastic service cuts (good-bye, W and Z lines; farewell, bus routes—see the PDF of NYC Transit changes here), MTA board member Allen Cappelli said, "There are 45 hours left before this disaster goes into effect." The MTA board is scheduled to vote on the fare hikes tomorrow.

The NY Times had an interesting article about what one calls the $700 billion plan to help financial firms. The White House likes to call it a "rescue plan"--"Financial Rescue Legislation"--while the media has taken a liking to "bailout." (Mayor Bloomberg is also anti-"bailout the term".) But CNBC economics reporter Steve Liesman explained why bailout works, “You rescue the unwitting victims of a boat accident. You bail out an experienced captain who sailed knowingly into a storm. There are no innocent victims here except the American taxpayer. Wall Street, which should have known better, is getting bailed out.” But who knows—if this were presented as a "rescue" plan, maybe it would have gone over better with taxpayers...and the House of Representatives.