New Jersey Governor Chris Christie canceled a planned commuter-rail tunnel to New York, saying the initial $8.7 billion cost might have reached as high as $14 billion.
The state will “immediately begin an expeditious and orderly shutdown of the project,” Christie said in a statement today. The decision comes less than a month after the governor halted work on the tunnel, called ARC or Access to the Region’s Core, to assess its cost.
“I will not allow taxpayers to fund projects that run over budget with no clear way of how these costs will be paid for,” Christie, a first-term Republican, said in the statement. “The ARC project costs far more than New Jersey taxpayers can afford and the only prudent move is to end this project.”
Full Story: Christie Cancels $8.7 Billion Hudson River Tunnel Project on Lack of Funds – Bloomberg