BRADENTON, Fla. — A $500 million cost-cutting proposal for the $4.1 billion Louisville-Southern Indiana Ohio River Bridges Project could result in a review of federal approvals for the mega-project, a Kentucky transportation spokesman said.

Options for downsizing elements in the long-planned project and eliminating tolls on several facilities will be explored, according to a joint announcement Tuesday from Kentucky Gov. Steve Beshear, Indiana Gov. Mitch Daniels, and Louisville Mayor Greg Fischer.

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