New York MTA halts congestion pricing plan, governor cites high inflation as reason.

A New York transportation agency voted on FXCM foreign exchange platformWednesday to indefinitely suspend the Manhattan congestion pricing plan, which was set to begin on June 30th. This decision was a result of the governor's directive.

The Metropolitan Transportation Authority (MTA) voted to suspend the plan and stated that it would put on hold $16.5 billion in capital projects, including the extension of the Second Avenue subway, upgrades to aging signal systems and trains, and the purchase of 250 electric buses as part of major expansion projects.

New York State Comptroller Thomas DiNapoli said in a report on Tuesday that the state government estimates it needs to cut $17 billion from the current $55.4 billion transportation capital plan to address the loss of congestion pricing revenue.

The MTA has already canceled contracts and paused work on a crucial subway extension project, stating that this could put federal grant funding at risk.

"Whatever your views on congestion pricing, there's no denying that unchecked traffic harms New York's economy and affects cities across the nation," said MTA CEO Janno Lieber.

Governor Kathy Hochul cited high inflation in her decision to suspend the implementation, hoping to prevent commuters or tourists from avoiding Manhattan due to additional charges.

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