The revised price of the project is $68.4 billion, about $23 billion more than what voters authorized in 2008.
The California Legislature will consider the revised plan. It has until Aug. 31 to authorize a bond sale to begin the project.
Republican state Senator Doug LaMalfa (R-Oroville) is collecting signatures to try to get a measure on the ballot that will prevent the state from issuing bonds to help pay for the plan.
The Associated Press contributed to this report.