In 2008, California voted sure on a $9 billion bond authorization to construct the nation’s first high-speed railway. The plan is to assemble an electrical prepare that can join Los Angeles with the Central Valley after which San Francisco in two hours and 40 minutes.

But 15 years later, there is not a single mile of monitor laid, and executives concerned say there is not sufficient cash to complete the undertaking. The newest estimates from the California High-Speed Rail Authority counsel it’ll value between $88 billion and $128 billion to finish the whole system from LA to San Francisco. Inflation and better building prices have contributed to the excessive price ticket.

The undertaking has spent $9.8 billion to this point, in accordance with Brian Kelly, CEO of the California High-Speed Rail Authority.

“We knew we have had a funding hole ever because the undertaking began,” Kelly mentioned. “What I do know is this: The earlier we construct it, the cheaper will probably be.”

But at this level, it is not clear the place the funding is going to come back from. So far, 85% of it has come from the state of California.

“One of the largest hurdles clearly is funding,” mentioned Toks Omishakin, secretary of the California State Transportation Agency. “We cannot get this undertaking completed with out federal assist. It’s simply not going to occur.”

The 2021 bipartisan infrastructure invoice did allocate $66 billion for rail, but a lot of that can go to Amtrak and cash was not particularly put aside for California’s high-speed rail. But Speaker Emerita Nancy Pelosi is optimistic that federal funding is on the best way for the undertaking.

“I do imagine that the infrastructure invoice allows us to have assets on the federal degree in California,” Pelosi mentioned. “It did not spell out particularly one factor or one other. It has classes and we match into these classes.” She additionally added, “Biden is a railroad particular person, as you realize, personally, formally, politically and in each means. He’s an advocate for for railroads. And then this is the last word high-speed rail.”

Despite the funding challenges, progress has been made on the undertaking. In California’s Central Valley, 119 miles are underneath building. The undertaking not too long ago celebrated its 10,000th building employee on the job. The infrastructure design work is full, and 422 out of 500 miles have been environmentally cleared, which is a monumental activity in California.

“When we end simply the environmental clearing course of, that value is about $1.3 billion,” Kelly mentioned. “And that is for no metal within the floor or no cement.”

Some are calling to reform the National Environmental Policy Act to expedite infrastructure tasks that might have a constructive influence on the setting.

“When the National Environmental Policy Act makes us assume actually onerous about constructing a 14-lane freeway, that is factor as a result of 14-lane highways are horrible for the setting,” mentioned Rep. Seth Moulton, D-Mass. “But when it makes high-speed rail so troublesome to construct in America, one thing that is so essentially good for the setting, then we have an issue. And that is the place we want reform.”

One of the most costly components of the California undertaking is the tunneling part that might be required outdoors of Los Angeles, so building began in 2015 within the center first, in Fresno, California, because it is a less expensive part to construct.

Kelly mentioned the undertaking acquired off to a tough begin. “They acquired into building earlier than they had been able to get into building,” he mentioned. “The excellent news is most of that is in our rearview mirror. And as we go ahead, we’re getting the sequencing and chronology of our work proper, and I’m very assured concerning the future of this undertaking.”

The rail authority mentioned the objective is to have the part between Bakersfield and Merced operational between 2030 and 2033.

CNBC visited California’s Central Valley, the place building is underway, to search out out what it’ll take to finish the nation’s largest infrastructure undertaking. Watch the video for the full story.