On October 7th, New Jersey Governor Chris Christie officially cancelled the ARC tunnel project, saying the state couldn't afford its share of the $8.7 billion or more the project needed. On October 8th, Christie agreed to a two-week review of possible payment options. Today, he announced that after two weeks, New Jersey is still too broke. Sayonara, hope of getting home from the Meadowlands without a clusterfuck.
Christie said, "It's a dollars and sense issue. I cannot place, upon the citizens of the state of New Jersey, an open-ended letter of credit." Construction had already begun on the tunnel in 2009, and it was expected to double rail capacity and create 6,000 construction jobs and 44,000 to 50,000 permanent jobs. About $600 million has already been spent. The Regional Plan Association criticized Christie for being short sighted, saying in a statement, "The decision deals a blow to New Jersey’s future economic outlook and will cost the state millions of dollars in the short run....Further, cancelling the project now condemns future taxpayers to a higher bill for the project, which must eventually proceed."