Gov. Rick Scott Explains High-Speed Rail Decision in Weekly Radio Address

In his weekly radio address, Gov. Rick Scott laid out his reasoning for rejecting $2.4 billion in federal funds for a high-speed rail line that would have connected Tampa to Orlando.

He cites costs overruns and overly optimistic ridership studies in his decision, and says he wants to improve existing ports, highways and rails infrastructure, but does not say how much state money he is willing to spend on such improvements.

Here is the text of his address:

"Hi. This is Governor Rick Scott.

This week, I announced my decision to reject the Obama administrations plan to partially-fund costly high-speed rail from Tampa to Orlando.

My decision to reject the project comes down to three main economic realities:

First capital cost overruns could put Florida taxpayers on the hook for an additional $3 billion.

Second overly optimistic projections about ridership and revenue would burden Florida taxpayers in excess of $300 million over 10 years.

Finally if the project becomes too costly and is shut down, Florida would have to return $2.4 billion to D.C.

This federal high-speed rail program is not the answer to Floridas economic recovery.

We must invest where we will get a return for the shareholders Floridas taxpayers. We should focus on improving our ports, rail system and highways to handle the increased shipping volume that will result when the Panama Canal is expanded, and when free-trade agreements with Colombia and Panama are ratified.

I believe when you reduce governments reach and hold that government accountable, you create an environment where the economy can flourish. When you reduce taxes and put money back in the hands of hard-working Floridians and businesses, that money will be spent on creating private-sector jobs

The budget proposal I sent to the Legislature reduces the size and scope of government, reduces the costs of government, and passes savings on to taxpayers. I believe thats the answer to Floridas economic recovery.

Lets get to work!" Scott said.