The main reason FTA cited for the low grade was the absence of an MTA capital program spelling out the financing for completing the project, though FTA also argues the project will not make much of a dent in highway traffic. The latter hurts the project in terms of FTA's cost-effectiveness criteria, which emphasizes new transit riders.

The source of the link's riders should not hurt the project in the long run. But the overall rating is a good wake-up call for New York regarding the importance of the next MTA capital plan. The planning studies and language in federal statutes authorizing a federal role in the LIRR-Grand Central project will come to nothing without a clear plan by the MTA and New York State to see the project through to completion.

In contrast, the FTA report in November gave New Jersey's Newark-Elizabeth light rail project a "highly recommended" rating, noting "the existence of New Jersey's Transportation Trust Fund as a secure, permanent source of capital funds."