WASHINGTON, D.C. - Representative Jeff Denham today released the following statement in response to the California High-Speed Rail Authority's most recent business plan, which raised the cost estimates for the project to $98.5 billion.
"Once again, the price of the California High-Speed Rail idea has more than doubled, skyrocketing to $98.5 billion. The estimates released today highlight the poor oversight of this project and propose serious questions about its viability. Completion of the project is contingent upon private investment, something we have not seen yet. The new plan projects that interest from private investors would grow in years to come-a mere hope, not a fact. With no disciplined plan to ensure accountability for taxpayer dollars and instill confidence in private investors, the project is nothing more than a hopeful idea.
"With California's economy in shambles and over 12% of its population unemployed, we need to spend our taxpayer dollars wisely. The money should be put towards shovel ready projects that will get people back to work today, not in 2033. So far, Californians have only heard glorified ideas about a vision that in reality, is leading them head first into a fiscal train wreck. We can revisit high-speed rail when there are concrete numbers to prove there is a successful model through completion of the project."
NOTE: In the new business plan introduced today:
Cost estimates skyrocketed from $43 billion to $98.5 billion
Project completion was pushed from 2020 to 2033.