“While MTA officials were completing the assessment of their needs, they learned that President Carter was not going to be the system’s savior. On November 4, he lost his reelection bid to Ronald Reagan, a California Republican who wanted to slash federal aid to urban areas. Three weeks after the election, the MTA board issued a detailed report proposing a ten-year, $14.4 billion capital program to restore the system to a state of good repair. Most importantly, the board suggested ways to pay for the capital program and new legislation that would streamline the process so that projects could be completed in a more cost-effective and timely manner.44 Ravitch said, “I will not cease for a minute petitioning the government to provide more capital funding. But on the other hand, we should not put our heads in the sand and think that we have fulfilled our responsibilities at the MTA merely by exhorting elected officials to provide funds which, as a practical matter, are simply not available.” That is why Ravitch was prepared for the MTA to take on billions of dollars in new debt to pay for improvements. He suggested increasing the maximum amount of bonds that the MTA’s Triborough Bridge and Tunnel Authority (TBTA) could issue, and allowing its bond proceeds to be used for transit improvements, something it had never done before. He also proposed that the MTA be able, for the first time, to issue bonds that would be paid back from future fares.”