From the NY Times (via Marginal Revolution):
But the biggest question mark hovering over the future of high-speed rail in the United States is funding. The $8 billion allocated in the stimulus package is not nearly enough, particularly because it is spread across a range of projects around the country. California’s new system alone could cost $40 billion. State governments will shoulder a substantial share of the costs, and they are grappling with budget deficits.
I would say that we in Wisconsin have yet to "grapple" with our budget deficits, but the time appears to be at hand. This grappling will be made more difficult by additional costs related to HSR.
I saw a quote the other day from Transportation Secretary LaHood to the effect that the current HSR train in Wisconsin was "unstoppable". Perhaps the next governor, if he is so inclined, won't in fact be able to stop the curent project, but I'm pretty sure that the bond market can.