Federal agency revokes $26M for D.C.-Baltimore maglev train
Aug. 1 (UPI) -- U.S. Department of Transportation Secretary Sean Duffy announced Friday that the Federal Railroad Administration will cancel two grants totaling more than $26 million for the Baltimore-Washington maglev project.
The department's press release about the Superconducting Magnetic Levitation Project said it has seen "nearly a decade of poor planning, significant community opposition, tremendous cost overruns, and nothing to show for it."
The release called the project a "boondoggle."
As part of its analysis, the FRA also determined the project would result in "significant, unresolvable impacts to federal agencies and federal property, including national security agencies," the release said.
"We want big, beautiful projects worthy of taxpayer dollars -- including high-speed rail. This project lacked everything needed to be a success from planning to execution. This project did not have the means to go the distance, and I can't in good conscience keep taxpayers on the hook for it," Duffy said in a statement. "We'll continue to look for exciting opportunities to fund the future of transportation and encourage innovation."
The Northeast Maglev would eventually connect Washington, D.C., and New York City. The train would be able travel at speeds of more than 300 mph to make the trip one hour long.
Maglev is a system of rail transport whose rolling stock is levitated by electromagnets rather than rolled on wheels, eliminating rolling resistance.
Compared with conventional railways, maglev trains have higher top speeds, superior acceleration and deceleration, lower maintenance costs, improved gradient handling, and lower noise. But they are more expensive to build, cannot use existing infrastructure, and use more energy at high speeds.
Indirect effects of this project also would impair critical infrastructure and ongoing agency missions, the release said. Government agencies harmed by this project would have included: the National Security Agency, U.S. Department of Defense and Fort George G. Meade, National Aeronautics and Space Administration, U.S Department of Agriculture, U.S. Secret Service, U.S. Department of Interior -- Fish and Wildlife Service and National Park Service, and the U.S. Department of Labor.
In 2015, the federal government gave Maryland a grant of $27.8 million to study a high-speed maglev train line that could connect Baltimore and Washington, D.C., in 15 minutes. Duffy is now canceling that grant. The funding for such a grant was authorized in 2005, when Congress set aside $90 million for maglev projects.
In 2021, China unveiled a maglev train that it said can travel 373 mph. In July 2020, the government said it planned to build a network with as many as nine maglev lines that include 620 miles of track.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Old Dominion Freight Line (ODFL) Sees 10% Stock Drop Over Last Quarter
Old Dominion Freight Line reported disappointing second-quarter earnings, with sales and net income both declining compared to the previous year. Despite affirmative news about a 7.7% dividend increase and share repurchase activity, ODFL saw its stock fall by 10.23% over the past quarter. This decline mirrored broader market concerns, as stocks generally fell due to weak job reports and renewed tariff worries. Old Dominion's on-market total return decline may have been amplified by these external economic pressures, alongside its own decreased financial performance, reinforcing the downward trend across the transportation sector. Buy, Hold or Sell Old Dominion Freight Line? View our complete analysis and fair value estimate and you decide. AI is about to change healthcare. These 26 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The disappointing second-quarter earnings reported by Old Dominion Freight Line have intensified the potential challenges discussed in the company's narrative, especially in terms of revenue growth and margin pressures. With sales and net income both declining compared to the previous year, forecasting a revenue increase of 5.4% annually over three years may prove difficult if economic conditions remain unfavorable and less-than-truckload volumes continue to decrease. The company's efforts to improve operating efficiency and protect its operating ratio are crucial to mitigate the impact of rising overhead costs and maintain net margins. Old Dominion's total shareholder return of 55.86% over the past five years provides a broader context of its performance, showing resilience and solid returns in the long run despite the recent quarterly setback. This compares favorably to its one-year underperformance relative to the US Transportation Industry, which experienced a 7.5% increase, highlighting the impact of current economic challenges on its recent share price behavior. When compared against the analyst price target of $161.82, the current share price of $141.85 suggests a potential undervaluation by market players in the context of long-term growth potential, despite short-term headwinds. Jump into the full analysis health report here for a deeper understanding of Old Dominion Freight Line. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ODFL. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
an hour ago
- Miami Herald
India responds to U.S. penalty over Russia oil
Aug. 2 (UPI) -- Indian officials confirmed Saturday the country is not altering policy and will continue buying oil from Russia, despite threats of a financial "penalty" from U.S. President Donald Trump. India's government has not given any directive to the country's oil refiners to stop or reduce the amount of Russian crude oil, the New York Times reported, citing two senior Indian officials. Trump earlier this week said he would impose a financial "penalty" on the South Asian country if it did not cut back on its reliance on Russian oil. The sanction would be in addition to a 25% American tariff on Indian goods. The president did not elaborate on the extent of the additional financial "penalty." "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country, " Trump said in a Truth Social post. "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE." Trump on Friday said it was his understanding "that India is no longer going to be buying oil from Russia. That's what I heard. I don't know if that's right or not. That is a good step. We will see what happens." Indian officials told the New York Times the country has "not given any direction to oil companies" to change direction. Publicly, Indian officials said they are considering options without confirming or denying the Times report. "We have taken note of the sanctions, and we are looking into it," Ministry of External Affairs of India spokesman Shri Randhir Jaiswal said during a news conference Friday in New Delhi. "On the other question about proposed oil sale, I would say that I have no comments to offer in this particular matter. As far as sourcing our energy requirements is concerned, you are well aware of our broad approach, meaning our overall approach and stance. We take decisions based on the price at which oil is available in the international market and depending on the global situation at that time. As for the specifics of your particular question, I am not aware of it. I don't have details of these specifics." Jaiswal also attempted to avoid further escalating the situation. "I would also like to underline this particular point that this is a sensitive and complex case and therefore, I would urge all to be mindful that media reports based on speculation and misinformation are not helpful at all," he told reporters. "In so far as the reports claiming that there has been certain developments etc., such reports are incorrect. Please wait for an update from us, this is a sensitive matter, and we urge all sides to stay away from misinformation." Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
2 hours ago
- UPI
India responds to U.S. penalty over Russia oil
Aug. 2 (UPI) -- Indian officials confirmed Saturday the country is not altering policy and will continue buying oil from Russia, despite threats of a financial "penalty" from U.S. President Donald Trump. India's government has not given any directive to the country's oil refiners to stop or reduce the amount of Russian crude oil, the New York Times reported, citing two senior Indian officials. Trump earlier this week said he would impose a financial "penalty" on the South Asian country if it did not cut back on its reliance on Russian oil. The sanction would be in addition to a 25% American tariff on Indian goods. The president did not elaborate on the extent of the additional financial "penalty." "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country, " Trump said in a Truth Social post. "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE." Trump on Friday said it was his understanding "that India is no longer going to be buying oil from Russia. That's what I heard. I don't know if that's right or not. That is a good step. We will see what happens." Indian officials told the New York Times the country has "not given any direction to oil companies" to change direction. Publicly, Indian officials said they are considering options without confirming or denying the Times report. "We have taken note of the sanctions, and we are looking into it," Ministry of External Affairs of India spokesman Shri Randhir Jaiswal said during a news conference Friday in New Delhi. "On the other question about proposed oil sale, I would say that I have no comments to offer in this particular matter. As far as sourcing our energy requirements is concerned, you are well aware of our broad approach, meaning our overall approach and stance. We take decisions based on the price at which oil is available in the international market and depending on the global situation at that time. As for the specifics of your particular question, I am not aware of it. I don't have details of these specifics." Jaiswal also attempted to avoid further escalating the situation. "I would also like to underline this particular point that this is a sensitive and complex case and therefore, I would urge all to be mindful that media reports based on speculation and misinformation are not helpful at all," he told reporters. "In so far as the reports claiming that there has been certain developments etc., such reports are incorrect. Please wait for an update from us, this is a sensitive matter, and we urge all sides to stay away from misinformation."
