Can California Afford High Speed Rail?

On November 1, the California High-Speed Rail Authority released its Draft 2012 Business Plan  showing a final bill of $98.5 billion, twice the previous estimate. The project timeline also was drastically altered, with completion now targeted for 2033 instead of 2020. With the state mired in fiscal woes and the federal government unlikely to approve more than the previously allocated $3 billion grant, finding the funding for the project will present a huge challenge, and the private sector doesn't appear eager to step forward to fill the gap. Opponents argue that the huge cost increase and the decision to begin with a Fresno-to-Bakersfield section make no financial sense, and at least one state senator plans to introduce legislation to scale back the project.