In a statement, Gov. Christie announced that the tunnel "costs far more than New Jersey taxpayers can afford, and the only prudent move is to end this project.""
New Jersey was on the hook for about 1/3rd of the project, $2.7 billion, while The Port Authority and the Federal Transit Administration were pitching in the rest. But Gov. Christie, a Republican, announced that in this current fiscal climate he can't support the project. Christie also predicted significant cost overruns.
CNN describes what the project could have been: "The tunnel, dubbed the Access to the Region's Core project, was aimed at doubling the number of commuter trains between New York and New Jersey and increasing the number of Amtrak trains serving the Northeast Corridor." "