"Government cannot spend more than it takes in," the Republican governor said.
Scott spoke at a news conference in the state capital, where he strongly criticized the budget proposal for 2012 unveiled on Monday by President Barack Obama and said federal grants earmarked for Florida to begin work on a high-speed rail link between Tampa and Orlando would be rejected.
The newly-elected governor, a former healthcare executive and uncompromising fiscal conservative, cited the likelihood of cost overruns for the project as the main reason for rejecting the federal funding.
The overruns could put Florida taxpayers on the hook for billions of dollars, he said.
"If the project becomes too costly for taxpayers and is shut down, the state would have to return the $2.4 billion in federal funds to D.C.," Scott said.
"The truth is that this project would be far too costly to taxpayers and I believe the risk far outweighs the benefits," he said.