Gavin Newsom’s California High-Speed Rail Cost Soars to $126 Billion as Project Remains Incomplete

California’s long-delayed high-speed rail project connecting Los Angeles to San Francisco is now expected to cost approximately $126 billion, according to state officials, marking a dramatic increase from its original estimate and intensifying scrutiny over the project’s progress and funding, as reported by Fox News.

Anthony Williams, a board member of the California High-Speed Rail Authority, provided the updated estimate during an appearance on CBS’s “60 Minutes.”

“Today, we estimate with the right optimization just over $125 billion,” Williams said. “I think $126 billion is the current estimate for that.”

Here’s What They’re Not Telling You About Your Retirement

The revised figure is nearly four times the $33 billion price tag presented to voters in 2008. Nearly two decades after its approval, the project has yet to lay any track, according to the report.

Rep. Vince Fong, R-Calif., criticized the project during the same broadcast. “We’re now in 2026: There are no trains; there’s no track laid; it was a complete bait and switch,” Fong said, adding that the project “needs to stop.”

Fong also called the effort “the probably quintessential example of government waste and mismanagement.”

The project faces a funding gap of roughly $90 billion, though state officials have said they remain confident that additional funding can be secured.

This Could Be the Most Important Video Gun Owners Watch All Year

California Transportation Secretary Toks Omishakin acknowledged shortcomings in the project’s development. “There were mistakes made,” Omishakin told CBS. “Some of the criticisms on this project, I think, are very fair.”

He added, “I don’t think the voters fully understood, and neither did we in the public sector, what it was going to take to actually get this project delivered.”

President Donald Trump has previously criticized the project, calling it “the worst cost overrun, I’ve ever seen.”

Transportation Secretary Sean Duffy also addressed the project in a statement to CBS. “This administration is working to usher in a Golden Age of Transportation,” Duffy said.

“That vision includes high speed rail and we’re exploring opportunities to efficiently build that infrastructure in America.”

He added, “What this administration won’t stand for is boondoggle projects like Newsom’s Train to Nowhere that wasted billions in taxpayer dollars yet delivered nothing to the American people. Under President Trump, America is building again. We defunded Newsom’s disaster and created the first Trump Infrastructure Dividend. Those dollars will now actually fund critical projects that enhance safety on rail networks across America.”

California Gov. Gavin Newsom previously cast doubt on the full Los Angeles-to-San Francisco route in 2019, and the project has since struggled to meet its original timelines.

Technology executive Shyam Sankar, chief technology officer of Palantir, compared the project’s spending to private-sector achievements in 2024.

“For $10 billion, Elon Musk put 300 rockets in orbit; for $11 billion, the state of California has built 1,600 feet of elevated rail with no rail,” Sankar said.

According to the report, the only visible progress has been in the Central Valley, specifically between Bakersfield and Merced.

The earliest projected opening date for the rail line is now 2033, significantly later than originally planned.

Fong has also raised concerns about project management, citing 597 change orders that have cost more than $2.3 billion as of November 2025.

“Taxpayers deserve full transparency and accountability,” Fong said in a February statement.

“The high-speed rail nightmare is a glaring example of structural mismanagement. Reckless, repeated contract amendments have squandered resources and precious tax dollars. Hardworking California taxpayers cannot afford to let this continue. This project should be canceled before even more money and time are wasted.”

Warning: Account balances and purchasing power no longer tell the same story. Know in 2 minutes if your retirement is working for you.

The opinions expressed by contributors and/or content partners are their own and do not necessarily reflect the views of LifeZette. Contact us for guidelines on submitting your own commentary.