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Price for New York-New Jersey Rail Tunnel Rises to $12.9B

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NEW YORK (AP) — A project to build a new rail tunnel between New York and New Jersey has a new, higher price tag — and continued questions over who will pay for it.

Officials on Thursday estimated the project will cost $12.9 billion, up from previous estimates of $7 billion to $10 billion.

That would cover a new tunnel and an overhaul of the existing, century-old tunnel that suffered saltwater damage during Superstorm Sandy in 2012.

President Donald Trump's proposed budget has raised questions about how much the federal government will contribute.

Under an agreement reached under President Barack Obama, New York and New Jersey would split half the cost and the government would contribute the other 50 percent.

Officials also released a preliminary environmental impact report.

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