What is the probability of this happening in the next 20 years? They cannot even get the North Brunswick project off the ground which is a fraction of the cost and complexity. In addition, the Northern Branch which has progressed through the initial stages is still 11 years away and this is all restoring service on existing track, and laying down some concrete for the stations, nevermind drilling two new tunnels under the Hudson.
I am not taking the Biden administration's plans as a silver bullet. NJ is supposedly getting about $4 billion. Taking into account all the red tape, delays, and cost overruns we're so accustomed to seeing with these projects (among those, to save a rare spider no one will see in their lifetime), I'll believe it when I see it.
DANGER - DO NOT GET OFF MOVING TRAIN