Metro faces a looming financial crisis

In a small conference hall at the Wilson Building, officials from D.C. and Washington Metropolitan Area Transit Authority met Friday morning and braced for a major crisis. The Metro system may need an inundation of cash very soon, but there is no concrete remedy in place. D.C. Council Member Jack Evans (who is also a WMATA Board Member) stated that the purpose of the meeting was to alert other officials on the state of Metro’s financial situation. WMATA borrowed $230 million from three separate banks, and the payments on those loans are due in June. Metro officials are hoping for an extension, but at least one of the banking institutions will demand its money on time next month. The other two may possibly grant an extension, but they may also refuse, leaving a massive amount of debt and financial uncertainty for Metro. There is currently no plan between Maryland, Virginia and D.C. on what to do if Metro officials puts in a request for an emergency cash flow.