SCHUMER, NADLER PRAISE OBAMA STIMULUS

Sen. Charles Schumer and Rep. Jerrold Nadler are touting the stimulus package Congressional leaders and President-elect Barack Obama"s transition team is drafting as a boon to the state"s fiscal woes. Facing a historic budget gap in the state and MTA budgets, the federal legislators said they are pushing to have at least $20 billion of new funding devoted to investing in the country"s mass transit systems. That money would help keep the MTA from implementing a draconian budget that severely cuts service and raises fares. The $1.2 billion budget gap at the MTA puts long-term capital projects, including the Second Avenue subway, at risk of being shelved. â??This stimulus could be a life-saver for New York"s mass transit system, Nadler said in a statement. â??Federal stimulus funds are absolutely critical.