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Currently there is $8 billion allocated to starting the project, with an additional $1 billion a year for five years. This is being funded partly through the $787 billion stimulus plan.
Obama sited the major success of high-speed rails in European countries as a positive example for the United States. The creation of these trains will create less car travel, fewer flights and less congestion! And besides, who doesn’t love train rides??
For more info, visit the Federal Railroad Administration website.