A business-backed watchdog group has issued a new report that is highly critical of the MBTA.

The Massachusetts Taxpayers Foundation's 55-page paper scheduled for release Wednesday is calling on the state to halt funding for MBTA expansion projects for the rest of the year, commission an independent audit of the T, reform management and privatize more services.

The Boston Globe (http://bit.ly/1HAODDg ) says the report describes "an uncontrolled financial system that has gone off the rails" with costs growing faster than revenues.

The report comes after the Massachusetts Bay Transportation Authority was brought to a standstill by near record snowfall and cold temperatures this winter.

Eileen McAnneny, president of the foundation, says fixing the T requires "fundamental change" because marginal reform will not work.

The MBTA declined comment.