Long-term money a big boost for high-speed rail

Published June 16, 2014 10:00pm ET



SACRAMENTO, Calif. (AP) — Gov. Jerry Brown scored a big win for California’s $68 billion high-speed rail project by persuading fellow Democrats to dedicate a steady future funding source for it in the state budget.

The $108 billion 2014-15 general fund budget approved Sunday includes $250 million this year from the state’s cap-and-trade greenhouse gas emissions fund. More important to rail supporters is the promise of 25 percent of all future cap-and-trade revenue each year, which could eventually total $3 billion to $5 billion a year.

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