If progressive Democrats “get their hands on the reins of power in 2020” and initiate billion-dollar projects like California’s high-speed bullet train disaster, the nation will hurtle “down the tracks to fiscal ruin,” Fox News host Laura Ingraham warned Wednesday night on “The Ingraham Angle.”

Barack Obama championed high-speed rail projects during his presidency — and former California Gov. Jerry Brown (D) eagerly accepted the $3.5 billion the Obama administration shelled out in its stimulus package.

But the California project seeking to connect San Francisco to Los Angeles is now years behind schedule and billions of dollars over budget.

Newly elected California Gov. Gavin Newsom (D) announced Tuesday during his State of the State address that he was nixing a large portion of the bloated project.

“The current project, as planned, would cost too much and respectfully take too long. There’s been too little oversight and not enough transparency,” Newsom (pictured above) admitted.

Although California has “the capacity to complete a high-speed rail link between Merced and Bakersfield,” Newsom said that “there simply isn’t a path to get from Sacramento to San Diego, let alone from San Francisco to L.A.”

More than 100 miles of high speed rail were supposed to cut through the Central Valley and its farmland.

“And as with so many liberal pipe dreams, a myriad of problems dogged this project from the start,” Ingraham said on Wednesday night. “To achieve their nirvana of high speech rail, Democrats were even willing to throw their other religion under the bus — environmentalism. So huge opposition to the project developed from Greeniacs and also farmers.”

“So, my friends — this was a joke from the start,” Ingraham added. “And the only people who benefited were the countries that bought our debt to fund it and the consultants who lined their pockets selling this as a panacea for congested roads.”

Newsom also refused to give the federal funding back to the federal government under President Donald Trump’s administration.

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“Abandoning high-speed rail entirely means we will have wasted billions of dollars with nothing but broken promises and lawsuits to show for it,” Newsom said. “I am not interested in sending $3.5 billion in federal funding that was allocated to this project back to Donald Trump.”

Trump fired back on Twitter on Wednesday.

“California has been forced to cancel the massive bullet train project after having spent and wasted many billions of dollars,” Trump wrote. “They owe the federal government three-and-a-half billion dollars. We want that money back now. Whole project is a ‘green’ disaster!”

Newsom retaliated on Twitter, writing, “Fake news. We’re building high-speed rail, connecting the Central Valley and beyond. This is CA’s money, allocated by Congress for this project. We’re not giving it back. The train is leaving the station — better get on board! (Also, desperately searching for some wall $$??)”

Although Democrats are all too willing to shell out billions for ill-fated projects, they’ve resisted giving Trump the $5 billion he requested in wall funding to secure America’s border.

“Think of all of the congressional Democrats who tonight are opposed to spending $5 billion on a wall that will help the entire country — something that can actually be built under budget and will actually be effective,” Ingraham said.

She warned that California’s failed bullet train project “is no different from so many unnecessary and unwanted liberal projects that require billions to fund and just end up driving us further into debt” as a nation.

The Fox News host also tied California’s ill-fated high-speed train system with other massive proposals like the radical Green New Deal championed by Rep. Alexandria Ocasio-Cortez.

“And of course, none of these examples of waste, fraud and abuse ever mattered to the fanatics on the Left,” Ingraham said. “Their goals of their Green New Deal — oh my God, what does that tell us? [It] tells us that they’re actually doubling down on all of the failures of the past.”

“If the new and improved more socialist Democrats get their hands on the reins of power in 2020, you can bet your bottom dollar that we’re all going to be hurtling down the tracks to fiscal ruin,” Ingraham warned.

Check out more in the video below: