Randal O'Toole has the latest on Honolulu's boondoggle:
The Federal Transit Administration has informed Honolulu Area Rapid Transit (HART) that it will not help cover cost overruns associated with the agency’s 20-mile rail line. The project was originally supposed to cost about $5.1 billion, which was already ridiculously expensive, but now is projected to cost at least $8 billion and possibly as much as $11 billion.
The FTA has a long-standing policy that it won’t help cover cost overruns (a policy that is sometimes overturned by Congress). But in this case, the FTA has added a new twist. In light of the cost overruns, HART has proposed to build just part of the project, leaving uncompleted the five miles of the line that would have attracted the most riders. But the FTA says that, in that case, it won’t be giving HART $1.55 billion that the agency is counting on. That means HART won’t even be able to complete the part of the project that it planned...