Quote:
Originally Posted by Busy Bee
That's because he's wisely avoiding the unforced error (see what I did there?) of giving the Repubs a sound bite about throwing good money after bad on what they decided years ago was going to be a "boondoggle" no matter how actually untethered from reality, scoring fake political points and fomenting ginned up outrage. If you think that Joe Biden's USDOT isn't going to figure out a way to get significant funding to California HSR you cray-cray.
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California has committed so far the Proposition 1A $10 Billion in bonds into CHSR, plus 25% of the Cap and Trade taxes collected every year totaling $800 Million.
The US has committed so are $3.5 Billion into CHSR.
In 2009, one year after the passage of Proposition 1A, the Authority received $2.5 billion in funds made available through the American Recovery and Reinvestment Act of 2009 (ARRA).
In 2010, $929 million in additional funding was authorized though a Fiscal Year (FY10) Transportation, Housing and Urban Development grant.
In 2014, the Legislature appropriated 25 percent of the annual proceeds from the Cap-and-Trade Program to support the development and construction of the system, providing an ongoing revenue stream
In 2017, the Legislature extended the Cap-and-Trade Program through 2030
The Cap-and-Trade Program annual auction revenues have averaged $534 million since 2015‑16, with a low of $221 million and a high of $787 million.
Some math follows
25% of $534 Million = $133.5 Million.
2030 - 2014 = 16 years
2020 - 2014 = 6 years
6 x 133.5 Million = $801 Million
16 x 133.5 Million = $2.1 Billion (projecting the same average of 6 years over 16 years, it could sum up to a higher or lower number)
Will California give up ownership and control of the CHSR program at the point the US government commits more cash than it? For example, if Biden gives CHSR more than $12 Billion?
Project costs for just Phase 1 completion is approaching $80 Billion.
More math
80 Billion - 12.1 Billion - 3.5 Billion = 64.4 Billion shortage.