Capital spending by the Port Authority of New York and New Jersey in 2021 could be cut by as much as a third under what agency executive director Rick Cotton calls “an austerity budget” proposed last week.
Repeating a 24-month, $3-billion revenue loss and potential project cuts noted in May as a result of pandemic-curbed rail, highway and air travel through March 2022, the authority plans across-the-board spending reductions to reach a total budget target of $7.3 billion, down 15% overall from 2020 levels.