High-speed rail dependent on $55 billion in federal funds

From California Watch:

Although planners of California’s bullet train won praise last week for candor about the train’s cost, an analysis of their 230-page plan shows they are still making highly speculative assumptions about funding and ridership.

Despite hostility toward the project from Republicans in Congress, the California High-Speed Rail Authority expects to receive $55 billion in federal grants – including $13 billion in the next 10 years.

The planners are also counting on Congress to approve a new form of infrastructure bonds – and to get 27 percent, or $13 billion, of all those bonds issued nationwide.

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