02/07/2011 02:48 pm ET Updated Dec 06, 2017

Senators Propose New Hudson River Rail Tunnel Project (VIDEO)

There is new hope for supporters of a rail project that would ease commuter traffic between New York and New Jersey.

New Jersey Senators Frank Lautenberg and Robert Menendez proposed a new Hudson River Rail Tunnel project that, Lautenberg said, will "shorten commutes, create jobs, increase property values and grow New Jersey's economy."

New Jersey Gov. Chris Christie halted construction on a second commuter rail tunnel under the Hudson River, because of budget concerns.

"When the ARC Tunnel was canceled, it was clear to me that we couldn't just throw up our hands and wait years to find another solution," Lautenber said.

From CBS New York:

Representatives for the two senators said that the Gateway route would follow approximately the nine-mile path from Secaucus to New York City that had been proposed for the derailed project. But the Gateway route would connect to new tracks in Penn Station, rather than end under the city's West 34th Street.

It also would allow for 13 additional NJ Transit trains per hour and eight additional Amtrak trains. The Gateway Project is expected to increase NJ Transit commuter rail capacity into New York by 65 percent. Proponents of the project would have to find federal and local funding for it.

Amtrak is proposing to spend $50 million to begin preliminary engineering and design on two new rail tunnels. The company said the project could be completed by 2020, at a cost of roughly $13.5 billion.