NYC-N.J. Rail Tunnel ‘Cued Up’ for U.S. Funding, Amtrak CEO Says

(Bloomberg) -- Amtrak Chief Executive Officer Stephen Gardner said the proposed Gateway rail tunnel between New York and New Jersey is “cued up” for federal funding now that environmental reviews have been completed. 

The long-sought project will be funded from a separate pot of money than the roughly $66 billion that was included in the $550 billion infrastructure measure that was passed by Congress last year, Gardner said Tuesday in an interview on Bloomberg Television’s “Balance of Power With David Westin.” 

“Importantly, it’s going through all the environmental process and it’s now cued up for funding,” Gardner said. “We’re going through the process to get that remaining money necessary from the federal government so that we can start that program.”

The project, now estimated to cost $12.3 billion, had languished amid feuding between former President Donald Trump and Democratic governors in the states. But it was approved by the administration of President Joe Biden earlier this year. The tunnel will carry Amtrak and New Jersey Transit commuter trains under the Hudson River. Amtrak says it will allow for twice as many trains to run under the river, including those that are part of its Northeast Corridor service that connects Boston, New York and Washington.

Gardner said Amtrak is also expecting to receive $22 billion of the $66 billion that was included in the 2021 infrastructure law directly, beginning as soon so as this summer. 

“The first year of that money will coming to the company hopefully by this summer, early fall. And we’ll be putting it to work,” he said. 

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