Is There A Future For California's High-Speed Rail?

Photo: Getty Images

State lawmakers met to discuss the high-speed rail on Tuesday, and they asked Newsom and his administration about their plans for the delayed project.This was their first public talk about the high-speed rail since last month, when the Governor suggested it might need 'changes'.

In 2008, voters approved an almost $10 billion bond in order to build the rail line from Los Angeles to San Francisco. Now, the total costs sits at $77 billion.

And yep, you guessed it! The state of California does not have nearly enough money to complete it. So on Tuesday afternoon, California sold $600 million in bonds to help pay for it.

"Today's funding announcement is a continued sign of progress to keep our transformative high-speed rail initiative moving forward in California," Democratic Sen. Jim Beall of San Jose said in a statement.

According to the State Treasurer, Wells Fargo and Jefferies, LLC purchased the bonds. But, what's next for the high-speed rail? More funding challenges, most likely.

"Let there be no doubt, Newsom supports high-speed rail in California," said Lenny Mendonca, the governor's appointee to lead the board overseeing the project.

Read more on KCRA.

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