California To Build High-Speed Rail

California got the go-ahead to build a dedicated high-speed rail line between Los Angeles and San Francisco.  The first question that came to my mind during these tough economic times was, "where in the heck are they getting the money?".  Looks like our wonderful lawmakers passed a bill that will allow California to sell $4.5 billion of voter-approved bonds.  They are still waiting for Jerry Brown to sign off on the deal.

A part of this money will go to the first stretch of rail between Madera and Bakersfield (130-miles).  Umm, Ok?  If/when the completed California high-speed rail system becomes a reality it is projected to cost a total of $68 billion.  Considering these types of things are famous for going over budget, this is not a small deal for a cash strapped state.

[Via]