NJ governor stands by decision to kill tunnel – Business News

The biggest public works project in the U.S. _ a $9 billion-plus train tunnel connecting New Jersey and New York City _ is dead in its tracks. New Jersey Gov. Chris Christie said Wednesday he is sticking by a decision announced earlier this month to kill the project because of runaway costs. He rejected a variety of financial proposals offered by the federal government to salvage the tunnel under the Hudson River, saying none of them fully relieved New Jersey of responsibility for overruns.

“It’s a dollars-and-cents issue. I cannot place upon the citizens of the state of New Jersey an open-ended letter of credit,” Christie said.

The decision to abandon construction more than a year after it began burnished the Republican governor’s reputation as a cost-cutter but was criticized as foolishly shortsighted by transportation advocates, train riders, union leaders and some Democrats. It also leaves New Jersey with nothing but a $600 million hole in the side of the hill.

Please run for President in 2012

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