NEW YORK LAGUARDIA LONG has been one of the US's air traffic troublespots. Featuring just two intersecting runways and situated on 660 acres of closed-in land, the airport can handle only so many flight operations, particularly during peak periods. Its capacity is constrained by an FAA-imposed slot allocation system that dates back to the 1960s and limits scheduled flights to 75 per hr. But as one of three airports serving the nation's largest city--and with the other two, JFK and Newark, ...

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