The New York Metropolitan Transportation Authority is facing its worst budget crisis in 30 years -- and it will only get worse if a six-year transportation bill waiting to be reauthorized is cut as the Obama Administration vows to rein in domestic spending, said its chairman and CEO.

Jay Walder, who rejoined the agency last July after a 19-year stint in London, asked attendees at a New York Building Congress luncheon Jan. 28 to approach him directly with ideas about how the MTA can simplify its "risky, cumbersome" contracting process, described as the "MTA premium" by the industry.