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New York transit agency to borrow a second time from Fed program

Nov 18 (Reuters) - New York’s Metropolitan Transportation Authority (MTA) on Wednesday authorized an up to $2.9 billion borrowing from a U.S. Federal Reserve loan program to aid its coronavirus-battered budget.

The new borrowing, which follows a $450.7 million MTA loan from the Fed’s Municipal Liquidity Facility (MLF) in August, would allow the cash-strapped agency to end its current fiscal year with a balanced budget, officials said. (Reporting By Karen Pierog in Chicago Editing by Chris Reese)

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