Wednesday, August 10, 2011
U.S. Senate Majority Leader Harry Reid says California should stick to its ambitious high-speed rail project – even though the price continues to jump
U.S. Senate Majority Leader Harry Reid believes California should stick to its ambitious high-speed rail project, even though the price continues to jump.
Reid said that "it would be so short-sighted for California - the most populated state in the country - to walk away from the bonding capacity they already have, some $10 or $11 billion, because of what they think the cost might be. The cost, if we don't do it, will be much more significant."
Reid's comments Wednesday came one day after the California High-Speed Rail Authority released its updated cost estimates for building track from Merced to Bakersfield.
The price tag has jumped to between 10 and 14 billion dollars from an original projection of seven billion dollars in late 2009. Some state lawmakers now say the project should be scrapped.
Reid spoke on a conference call announcing a "National Clean Energy Summit" at the end of the month in Las Vegas.
California Governor Jerry Brown will attend as well.