AFTER THREE YEARS SINCE ITS UNVEILING, IT IS BECOMING CLEAR THAT THE TEXAS CENTRAL PARTNER'S BULLET TRAIN IS NOT WHAT IT WAS THOUGHT TO BE. This ambitious project may have appeared phenomenal on paper, but the plans are riddled with errors, stricken with financing complications, and projected sales just don't add up.
Texas Central Partner has indicated that they plan to apply for Railroad Rehabilitation and Investment Financing (RRIF) loans, which is a federally funded taxpayer subsidy. This means that taxpayers would ultimately have to pay the entire value of the loans.
The Texas Legislature took an extraordinary step by passing Senate Bill 977, which stipulates that "the legislature may not appropriate money to pay for a cost of planning, facility construction or maintenance, or security for, promotion of, or operation of" railway projects.
There have also been numerous amounts of delays, pushing the projects years behind schedule, and proposed construction costs have ballooned.
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Original article written by Travis Korson of The Hill.