California's high-speed rail project has won a financial lifeline, with the state committing $1 billion annually from cap-and-trade revenues through 2045.

The steady funding agreement, formalized under new legislation signed this week, gives the California High-Speed Rail Authority the long-term stability it says is essential to completing the project's initial Merced-to-Bakersfield segment by 2033.

Why It Matters

California's high-speed rail is in an awkward position. Years of delays and an inflated budget have damaged public and political faith in the project, but the past few years have seen progress—with construction happening throughout the state and tracklaying set to begin later this year. To call off the project now, as many of its detractors in the White House desire, would

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