Deal reached to pay for new Hudson River Gateway tunnel project

A deal was reached to pay for the new Hudson River Gateway tunnel project.

A deal was reached to pay for the new Hudson River Gateway tunnel project. (12/7/15)

NEW YORK - Supporters of a project to build a new rail tunnel under the Hudson River say recently passed transportation legislation will provide a big boost.

New Jersey Sen. Cory Booker and New York Sen. Charles Schumer discussed the project Monday in New York.

The tunnel is estimated to cost upward of $20 billion. It's considered critical to rail service along the Northeast Corridor.

Half of the funds will come from the federal government, including the use of Amtrak’s profits from the Northeast Corridor line. 

Sen. Booker and Sen. Schumer say the transportation bill will allow Amtrak to reinvest its profits from the line in the Northeast. Amtrak previously used the profits to subsidize its less-profitable lines.

The Hudson tunnel is 105 years old and was damaged by Superstorm Sandy in 2012. An engineering study performed 18 months ago suggested that the current tunnels could fail within a decade.

The Gateway Tunnel is designed for higher speed travel that could at least double the number of trains into New York.

The legislation passed also made changes to a $35 billion federal loan program and a mass-transit grant program to make them easier to access.

The Associated Press wires services contributed to this report.

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