California's ambitious plan for high-speed rail service will become reality within a decade, with service between the state's agricultural Central Valley and high-tech Silicon Valley, state officials announced on Thursday.

In an updated draft plan for the rail line that will whisk passengers from Los Angeles to San Francisco in under three hours by 2029, the California High-Speed Rail Authority (CHSRA) revised downward the cost of the entire line to $64.1 billion from nearly $68 billion.

The draft plan includes a new initiative to request $2.9 billion in additional funding from the federal government.