SACRAMENTO (CBS / AP) — An independent panel said California lawmakers should not authorize $2.7 billion in bonds to build the initial section of the state’s high-speed rail system.

In a report issued Tuesday, the California High-Speed Rail Peer Review Group said the current plan is not financially feasible.

In November, the California High-Speed Rail Authority approved a plan that requests $2.7 billion in state bonds to match $3.5 billion in federal money. It would be used to build 130 miles of track between Chowchilla and Bakersfield.

The report criticized the authority for failing to identify long-term funding and having inadequate staff to manage a large construction project. The authority responded by calling the report “deeply flawed.”

The cost has more than doubled to $98 billion since voters approved $9 billion in bonds in 2008.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Comments (3)
  1. Bay Area Guy says:

    High speed Rail project needs to stop now. Jobs to the community for this project were way over stated so the constituents’ vote for the project to be funded and move forward.

    Then once the project gets started – I mean the gravy train is rolling, the bill to complete it gets bigger and bigger. Then the project is too far down the tracks to stop. Remember the Big DIG in Boston. Perfect example. Even our won Bay Bridge, another example.
    Look how hard they are pushing High Speed Rail in Ca. Even though they know they will not be able to fund the full project.

    We need to follow the money (OUR Tax dollars). Who is the major Benefactor from these projects? Who in our government is directing the money to these projects, contractors –WHY?

    These might be interesting topics for a news organization to investigate, but sadly there are very few investigative news stories, just sound bites and stories written at a third grade level.

  2. Marty says:

    Put it on hold for now and when the economy recovers, then restart it.

    Personally, I think the HSR should be privately funded. Get the Government out of business.

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