Big Dig Costs Pegged at $24.3 Billion

Costs constrict funds available for other projects.

BOSTON (AP) -- The cost of the Big Dig, including interest on borrowing, has mushroomed to nearly $24.3 billion, strangling the state's ability to fund other critical transportation projects, a legislative oversight hearing was told on Tuesday.

The sobering message, delivered by high-ranking officials of the Massachusetts Department of Transportation, came as lawmakers and Gov. Deval Patrick's administration mull long-term options for financing roads, bridges and public transit around the state.

Though the Big Dig — the nation's costliest highway project — was essentially completed years ago, the state still owes about $9.3 billion in principal and interest on the Big Dig and related projects with payments scheduled to continue through 2038, according to a summary presented to the House Post Audit and Oversight Committee.

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Source: AP/Yahoo