Regarding the PATH extension to EWR, the notion being bantered about here and by other "Transit advocates" that the funds to build the PATH extension to EWR would or could be transfered to another PA project like a new Bus terminal or the Hudson tunnels is FALSE!
The source of funding for the new PATH extension will be PFC's that passengers pay on tickets at Newark Airport. PFC's are Passenger Facility Charges,
https://en.wikipedia.org/wiki/Airport_improvement_fee
These fees are fees added to airline tickets and can be tapped by airport operators for improvements to the airport, mass transit connections to Airports also qualify. EWR's Monorail Airtrain was built with PFC's, as was the extension to the NEC. In order to recoup the PFC's from people who might use the Airtrain but not be flying thus not paying a PFC, such as airport workers, they had to put those fare gates in the Rail link station to recover the PFC's from all passengers.
Basically how it works is the airport operator, Port Authority of NY and NJ, issues bonds to build a project and then covers the debt payments via the PFC's that are collected from airport travelers.
PFC's are not a source of revenue that can be reallocated to non airport facilities, and the PATH extension is not using regular Port Authority sources of revenues for it's constructions (tolls, Lease payments etc..) so building the PATH extension to EWR has no negative impact on other Transportation projects in the region *(Hudson Tunnel, PABT etc..). If anything it helps with the redevelopment of the World Trade Center by offering tenants, visitors and workers a direct connection to a major international airport thus helping to boost trade and commerce.
In the context of the PFC's the PATH extension is a worthy project.