Investing.com -- The Trump administration announced on Thursday that it is initiating a review to possibly withdraw approximately $4 billion in funding that was awarded to California's High-Speed Rail project.

The rail project has been the subject of controversy since its inception. In 2008, voters approved $10 billion for the project, but the costs have significantly escalated since then. The project has faced criticism from President Donald Trump due to the rising costs and other issues.

The Transportation Department, during the tenure of President Joe Biden, had allocated more than $3 billion to the project. However, the cost of the full project, initially estimated to be around $40 billion, has now surged to a range between $89 billion and $128 billion.

The review by the Trump administration will determine whether the $4 billion in funding will be rescinded. The outcome of this review could have significant implications for the future of the high-speed rail project in California.

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