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Port Authority of New York and Jersey Seeks $3 Billion Federal Bailout

Lincoln Tunnel

the staff of the Ridgewood blog

 

Fort Lee NJ, Port Authority of New York and Jersey Chairman Kevin O’Toole and Executive Director Rick Cotton called on the federal government to provide the Port Authority with $3 billion in direct financial assistance to avoid the devastating impact of sharp revenue losses to the agency’s critically important capital construction projects. The agency has projected revenue losses of $3 billion over 24 months as a result of the COVID-19 pandemic. The federal aid will protect the agency’s capital plan – and by doing so, to help drive the region’s and the nation’s economic recovery.

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