[NEW YORK] The Port Authority of New York and New Jersey, formed 93 years ago to manage marine terminals on the Hudson River, is increasingly operating as a security agency that runs bridges, tunnels and airports.

Spending on policing has doubled since the Sept 11, 2001, terrorist attacks and now consumes almost a quarter of its US$2.8 billion operating budget. The authority, which also owns the World Trade Center site where the twin towers stood, spends more to police its assets than to maintain them.

A panel formed by governors Chris Christie of New Jersey and Andrew Cuomo of New York is poised to review security costs as part of a re-examination of the agency. Spending on police is draining the budget for capital improvements, such as a replacement for the decaying 64-year-old bus terminal near Times Square, which serves 230,000 commuters daily.