U.S. President Donald Trump said on Wednesday the Transportation Department is rescinding $4 billion in U.S. government funding for California's High-Speed Rail project.

"This project was severely overpriced, overrregulated, and never delivered," Trump said in a social media post. "The railroad we were promised still does not exist and never will."

In a separate statement from Trump's, the department said there was no viable path forward for the High-Speed Rail project and it was considering potentially clawing back additional funding related to the project, calling it "grossly over budget."