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California Gov. Gavin Newsom. Photo: Jane Tyska/Digital First Media/The Mercury News via Getty Images

California Gov. Gavin Newsom announced Tuesday that the state will no longer pursue plans to build an estimated $77 billion high-speed rail line between Los Angeles and San Francisco because the project "would cost too much and respectfully take too long," per the AP.

Driving the news: Newsrom said the state will instead focus on the Central Valley part of the route, from Merced to Bakersfield.

The big picture: The project was years behind schedule with an estimated completion date of 2033.

  • It had been hamstrung by political backlash in the state, and polling showed that a majority of Californians disapproved of the plan as costs ballooned.
  • Similar proposals for high-speed trains on the East Coast, including along the heavily trafficked Northeast Corridor between Washington, D.C., and Boston, have also fallen apart due to opposition and massive cost estimates, per the New York Times.

Go deeper: The U.S. still has a long way to go on high-speed rail

Go deeper

Ben Geman, author of Generate
16 mins ago - Economy & Business

GM's shrinking deal with Nikola

Illustration: Rebecca Zisser/Axios

General Motors will no longer take an equity stake in Nikola Corp. or build its pickup truck, under a revised deal that still envisions GM as a key tech supplier for Nikola's planned line of electric and fuel cell heavy trucks.

Driving the news: The revised agreement Monday is smaller in scope than a draft partnership rolled out in September that had included a $2 billion stake in the startup and an agreement to build its Badger pickup.

1 hour ago - Technology

Exclusive: Facebook's blackout didn't dent political ad reach

Photo: Valera Golovniov/SOPA Images/LightRocket via Getty Images

Americans saw more political ads on Facebook in the week before the 2020 election than they did the prior week despite the company's blackout on new political ads during that period, according to Global Witness, a human rights group that espouses tech regulation.

Why it matters: The presidential election was a key stress test for Facebook and other leading online platforms looking to prove that they can curb misinformation. Critics contend measures like the ad blackout barely made a dent.

Wall Street wonders how bad it has to get

Illustration: Aïda Amer/Axios

Wall Street is working out how bad the economy will have to get for Congress to feel motivated to move on economic support.

Why it matters: A pre-Thanksgiving data dump showed more evidence of a floundering economic recovery. But the slow drip of crumbling economic data may not be enough to push Washington past a gridlock to halt the economic backslide.