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Intercity Passenger Rail: Amtrak's Financial Crisis Threatens Continued Viability

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Report Type Reports and Testimonies
Report Date April 23, 1997
Report No. T-RCED-97-147
Subject
Summary:

Amtrak's financial future depends on its ability to eliminate federal operating support by 2002 by increasing revenues, controlling costs, and providing customers with high-quality service. However, GAO testified that Amtrak is still in a financial crisis despite the fact that its financial performance has improved during the past two years. At the end of fiscal year 1994, Amtrak's net loss totaled about $1.1 billion; by the end of fiscal year 1996, this loss had declined to about $764 million. Yet the relative gap between total revenues and expenses has not closed significantly, and passenger revenues have generally declined in recent years. More importantly, the gap between operating deficits and federal operating subsidies has begun to grow again. Amtrak continues to be heavily dependent on federal operating subsidies to make ends meet. GAO concludes that Amtrak will likely continue to require federal financial support--both operating and capital--well into the future.

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