The MTA may be underestimating its losses by billions of dollars. WNYC’s Stephen Nessen reports on a new analysis.

Right now the MTA is able keep trains running and salaries paid because of $15 billion dollars in federal COVID relief aid.

But that is drying up faster than expected, because ridership is still low. Subways ridership is only at 64% of pre-pandemic levels, on the best days. And with increasing labor costs, inflation and a possible recession on the horizon that could impact tax revenue, a new report from the state comptroller predicts the agency could face a $4.6 billion dollar operating deficit by 2026.

It suggests the MTA seek more federal help, find ways to reduce its annual debt payments, or receive new tax revenue from the state. Otherwise, there could be service and staff cuts to cover the losses.