Newsom's California rail project now expected to cost $126B, official admits, with still no tracks laid

California's delayed, over-budget high-speed train from Los Angeles to San Francisco is running fast in only one direction: Rising costs to even get rolling, which are now estimated to be $126 billion.

"Today, we estimate with the right optimization just over $125 billion," California High Speed Rail Authority board member Anthony Williams told CBS's "60 Minutes" on Sunday. "I think $126 billion is the current estimate for that."

That is nearly four times the $33 billion price tag presented to voters in 2008, making the long-delayed project a black eye for Democratic-run California, derided as the latest political example of "waste" in deep-blue America and a "train to nowhere."