Since it began operations in 1971, the National Railroad Passenger Corporation (Amtrak) has never been profitable, & it remains heavily dependent on substantial federal operating & capital subsidies. This report examines: (1) financial performance of Amtrak's current routes, (2) implications for Amtrak of multiyear capital requirements & declining federal operating subsidies, & (3) the effect on Amtrak of reforms contained in the Amtrak Reform & Accountability Act of 1997. It relies on Amtrak's financial data & performance measures to assess the performance of Amtrak's 40 routes. Charts & tables.

An update on Amtrak's financial situation, which is in a state of crisis. Witnesses include the deputy administrator of the Federal Railroad Administration, & the associate director for transportation issues, U.S. General Accounting Office. Thomas M. Downs, the Chairman, Pres. & CEO of Amtrak also appeared & submitted the following for the record: The GapÓ -- operating grants vs. budget assumptions, federal capital appropriations: FY 1976-1997, outstanding debt/capital lease obligations: FY1987-2002, principal & interest expense: FY 1997-2002, Amtrak's glidepath to self-reliance, & the 1/2 cent solution.