Audit: ARC tunnel costs N.J. $300M

NEWARK, N.J. — An audit of New Jersey Transit's financial statements for Fiscal Year 2011 found that the agency took nearly a $300 million loss as a result of Gov. Christie's decision to terminate the ARC tunnel project, according to The Record.

Although N.J.'s legal tab to fight feds cost $1.2 million, the $297 million lost stems from the engineering and design work, payments to contractors and various other items that were paid for but are now unnecessary with the cancellation of the project. For the full story, click here.