$1.8-Billion Rail Project Clears Senate Panel
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The $1.8-billion Alameda Corridor project cleared another legislative hurdle in Washington on Tuesday when a Senate subcommittee vetted plans for federal seed money for the 20-mile Los Angeles rail cargo artery.
Sen. Mark Hatfield (R-Ore.), the chairman of the subcommittee that oversees transportation spending, backed a section of the bill that calls for $59 million to be given to the California Infrastructure Bank. That money is to act as a guarantee for a $400-million loan to complete the project.
“This support is a major milestone toward the final congressional approval of a project that will boost our economic well-being,” said Sen. Barbara Boxer (D-Calif).
But in the House version of the spending bill, the $59 million comes from a different money reserve. House and Senate lawmakers will have to agree on a single funding mechanism before the bill can advance to the president’s desk, an aide for Boxer said.
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