{"id":42556,"date":"2023-11-05T20:12:28","date_gmt":"2023-11-05T20:12:28","guid":{"rendered":"https:\/\/prosfunds.com\/news\/key-new-york-tunnel-project-wins-3-8-billion-in-new-us-support-senators\/"},"modified":"2023-11-05T20:12:29","modified_gmt":"2023-11-05T20:12:29","slug":"key-new-york-tunnel-project-wins-3-8-billion-in-new-us-support-senators","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=42556","title":{"rendered":"Key New York tunnel project wins $3.8 billion in new US support -senators"},"content":{"rendered":"
\n

By David Shepardson<\/p>\n

WASHINGTON (Reuters) – The Biden administration will award $3.8 billion to help build a long-delayed new railway tunnel between New York City and New Jersey, state officials said Friday.<\/p>\n

In total, the federal government will fund more than $11 billion of the $17.2 billion Hudson (NYSE:) Tunnel Project costs that will repair an existing tunnel and build a new one for passenger railroad Amtrak and state commuter lines between New Jersey and Manhattan, Senate Majority Leader Chuck Schumer said.<\/p>\n

Any failure of the lines in the current tunnel, which was heavily damaged during 2012’s Superstorm Sandy, would hobble commuting in the largest U.S. metropolitan area that produces 10% of the country’s economic output.<\/p>\n

The White House in July had advanced $6.88 billion in funding from the Federal Transit Administration for the project.<\/p>\n

Schumer, Transportation Secretary Pete Buttigieg and New York Governor Kathy Hochul were among the officials who celebrated the start of construction in New York on the Hudson Tunnel Project.<\/p>\n

Buttigieg said Friday the Hudson Tunnel project will reduce traveler delays, support 72,000 jobs and generate $19 billion in economic activity. “This is the largest project of its kind in modern American history,” Buttigieg said.<\/p>\n

The project was debated in Washington for over a decade since the New York City-area rail tunnel was damaged when Superstorm Sandy flooded parts of the city. The 112-year-old rail tunnel carries 200,000 passenger trips per day on New Jersey Transit and Amtrak along the Northeast Corridor.<\/p>\n

In 2010, then-New Jersey Governor Chris Christie pulled state funding for the tunnel. The administration of then-U.S. President Donald Trump and Congressional Democrats sparred over whether the federal government should help fund the tunnel replacement.<\/p>\n

New Jersey and New York will contribute 30% of the costs and Amtrak is funding $1 billion, Schumer said.<\/p>\n

The states through the Gateway Program aim to overhaul much of the aging infrastructure in the Northeast Corridor rail line between Newark, New Jersey, and New York City. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By David Shepardson WASHINGTON (Reuters) – The Biden administration will award $3.8 billion to help build a long-delayed new railway tunnel between New York City and New Jersey, state officials said Friday. In total, the federal government will fund more than $11 billion of the $17.2 billion Hudson (NYSE:) Tunnel Project costs that will repair […]<\/p>\n","protected":false},"author":1,"featured_media":3758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-42556","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nKey New York tunnel project wins $3.8 billion in new US support -senators | Prosfunds<\/title>\n<meta name=\"description\" content=\"By David Shepardson WASHINGTON (Reuters) - The Biden administration will award $3.8 billion to help build a long-delayed new railway tunnel between New\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=42556\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key New York tunnel project wins $3.8 billion in new US support -senators | Prosfunds\" \/>\n<meta property=\"og:description\" content=\"By David Shepardson WASHINGTON (Reuters) - 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