Proponents of a new rail tunnel beneath the Hudson River from northern New Jersey to New York City are hopeful that a slimmed-down budget estimate will make the project more appealing to the Trump Administration, and end a three-year-old federal funding stalemate.
An updated financial plan submitted to the Federal Transit Administration on Aug. 23 by the Port Authority of New York and New Jersey, lead sponsor for the Gateway Tunnel Project, reveals $1.4 billion worth of design and construction savings. The new version trims the planned tunnel’s estimated overall cost by nearly 13%, to $9.5 billion.