California lawmakers held their first hearing on the High-Speed Rail Authority's new business plan Tuesday, and it featured some tense exchanges between a Republican Assemblyman and high-speed rail officials.
Central Valley Assemblyman David Valadao asked if the business plan’s reliance on fifty-five billion dollars in federal funds is realistic. High-Speed Rail board member Dan Richard said the initial operating segment would only cost about thirty to thirty-three billion dollars.
Richard: “Of that, we have three billion in federal funds now. There’s up to nine billion of bond money. So we’re relatively far along.”
Valadao: “When you say nine billion of bond money, that’s only if you get matched from the feds, right?”
Richard: “That’s correct, sir.”
Valadao: “So you only have six billion total.”
Richard: “Right. But what I’m saying is, we don’t need to expect fifty-five billion from the feds.”
