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NY-NJ Port Authority cuts $5 billion of projects

NEW YORK (Reuters) - The Port Authority of New York and New Jersey on Friday slashed about $5 billion in capital spending, shrinking the 10-year total to $25.1 billion, because governors from the two states cut back on proposed tolls and fare hikes sought by the agency.

The bi-state agency's original proposal would have funded a $33 billion, 10-year capital plan. No further details were immediately available.

With about $14 billion of debt outstanding, the Port Authority is one of the nation's most prominent issuers of bonds in the $3.7 trillion municipal bond market.

(Reporting by Joan Gralla)

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