Port Authority Delays $5 Billion in Capital Projects

New York, NY —

The recession is making even the normally flush Port Authority tighten its belt. The authority is putting off $5 billion worth of capital projects over the next six years. Officials don't expect revenues from tolls and airport fees to recover anytime soon. Executive Director Chris Ward talked to reporters after Port Authority commissioners approved next year's budget.

"We remain a robust capital agency. We are spending $3 billion. That is a major job stimulus in the local economy, but we did have to make some difficult capital decisions," Ward says.

The authority will continue to plan for new terminals at LaGuardia and Newark Liberty airports. But the projects themselves have been postponed indefinitely. The replacement of the helix of ramps at the Lincoln Tunnel has also been deferred though some minor safety improvements will go forward.

The cuts won't affect the World Trade Center redevelopment and a new train tunnel under the Hudson River.