As David Siders reports, in an interview that aired yesterday in Los Angeles Governor Brown asserts that the $100 billion estimate is "way off." Furthermore, Gov. Brown asserts that revenues from cap-and-trade fees paid by emission producers will be a source of funding.
"'Phase 1, I'm trying to redesign it in a way that in and of itself will be justified by the state investment,' Brown said. 'We do have other sources of money: For example, cap-and-trade, which is this measure where you make people who produce greenhouse gasses pay certain fees - that will be a source of funding going forward for the high speed rail.'