The Port Authority of New York and New Jersey Board of Commissioners has earmarked US$1 billion to expedite a solution to the Bayonne Bridge height issue, reported States News Service.

The Bayonne Bridge, which is 78 years old, has a current clearance of between 151 to 156 feet and the bridge is too low to accommodate large container vessels.

In 2014, the Panama Canal will widen and larger ships will visit the East Coast. These ships will not be able to pass under the current height restrictions of the Bayonne Bridge.