California’s $68.4 billion high-speed rail project is looking for too much money from the U.S. government and should be reconsidered, said California Representative Kevin McCarthy, the U.S. House’s third-ranking Republican.

“Maybe it’s time when we cut our losses,” McCarthy said today at a House Transportation and Infrastructure Committee hearing in Washington.

An additional $38 billion sought for the project from federal coffers would be more than the $31 billion a year Congress is seeking in annual additional revenue from a deal to resolve the year-end deadlines for automatic spending cuts and tax increases, he said.