Shortfall in MTA Revenues

New York, NY —

The MTA is warning about new financial problems. The transportation authority says a new payroll tax on metropolitan-area businesses has generated less revenue than expected.

That's causing a $200-million hole in the MTA's operations budget - on top of a cut lawmakers made last week in Albany. The crisis prompted the MTA to postpone a bond sale planned for this week.

A spokesman says the authority will have to find a way to balance its budget by the end of the year. The MTA has ruled out raising fares for another 13 months.