California Governor Arnold Schwarzenegger announced Tuesday the state's high-speed rail system, currently the nation's largest infrastructure project, will receive an additional $902 million from the Federal Railroad Administration.
The funding is in addition to the $2.3 billion allotted to the Golden State as part of the federal stimulus act.
"As the nation's largest infrastructure project, California's high-speed rail system will create hundreds of thousands of new jobs, reduce pollution, boost economic growth and link Californians from one end of this great state to the other," said Governor Schwarzenegger in a statement.
In 2008, voters approved a proposition to sell $10 billion in bonds to help fund the 800-mile bullet train network, according to Bloomberg Businessweek.
The massive spending initiative comes as the state attempts to solve its budget crisis, as well as its stalling green tech industry. Next week, voters will decide on a bill that will suspend a renewable energy incentive bill until unemployment drops to 5.5 percent. The current rate is 12.4 percent.
Tags : ca, operations, small business management
Posted: Oct 26th, 2010