The MTA announced Wednesday that there will be no fare hikes for the rest of the year.

The MTA is expecting to receive $10.5 billion in federal funding after suffering a major hit in ridership and revenue because of the pandemic.

MTA officials say the money will help, but it's still facing financial issues down the road.

"We're going to run out of federal aid by 2024, and we will face a $3.5 billion cumulative deficit in 2024 and 2025," says Robert Foran, the MTA's chief financial officer. "To get down to a zero all the way to 2025, we're going to need $1.3 billion of deficit financing proceeds."