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NEW YORK CITY-Citing concerns about an under-funded capital program for the New York metropolitan region, the Metropolitan Transportation Authority proposed a financial strategy at its Wednesday morning board meeting to increase its debt plan to $6.9 billion for its 2010-2014 capital projects budget, while retiring $6.2 billion of existing debt this year. The move comes on the heels of ongoing mega-projects such as the expansion of the Long Island Rail Road to Grand Central Station, the 7 subway line extension to Manhattan’s Far West Side and the Fulton Street Transit Hub, which are all under construction.

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