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Speaking from Rensselaer, New York, where he was joined by politicians including New York Senator Charles Schumer and State Senate Majority Leader Malcolm Smith, Paterson announced a 20 year, more than $10 billion plan called the Third Track Initiative. It is the first statewide rail plan in more than 22 years.

Among other improvements, the plan calls for increasing the number of high-speed trains, like Amtrak's Acela from Washington to Boston, along the state's major corridors – including New York to Albany.

The goal is to cut down on the congestion on highways and at airports, and boost the state's economy.

The governor says the state could have trains going 110 miles an hour in about three to five years, and then up to 150 miles per hour in an additional two to three years.

"A century ago, we started to see the change when rail was displaced by automobiles and airplanes," said Paterson. "Now, because of their inability, unavailability, and energy consumption, we're bringing back the rails to increase the economic development of New York, to lower the energy usage, and to make our quality of life even greater in this state."

The governor says the state is working with partners Amtrak and CSX to create jobs in construction and engineering.

The plan fulfills a prerequisite for federal funding for rail capital improvement projects.