New York’s MTA capital program review board gave the go-ahead to a major consolidation of MTA debt last week, finally giving an essential nod to the transit umbrella’s 2000-2004 capital program.The MTA says the $14 billion bond refinancing will allow it to save $375 over the next two years due to low interest rates, and constitutes a key piece of the agency’s $17 billion, four-year plan.

While optimists hope that the savings will reduce pressure on service and fares, other observers have long been concerned with the transit system’s mounting debt.They expect that financial pressure will lead to an MTA proposal to raise fares and tolls sometime soon after the race for governor ends in November.

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