California bullet train funding slashed by House panel

The fortunes of California’s high-speed rail project, which would connect Southern California to the Bay Area with a 220mph train, took a big financial hit Thursday afternoon, when a congressional panel slashed the Federal Railroad Administration budget.

The Obama administration had asked for $8 billion for fiscal 2012 for high-speed rail projects, including the one in California, as well as other passenger rail programs around the country.

But the House Appropriations subcommittee on Transportation, Housing and Urban Development on Thursday cut the request by nearly $7 billion, leaving money only to operate Amtrak and some smaller programs. L.A. NOW