Where will high-speed rail funds come from?

Last week, President Obama and Vice President Biden announced $8 billion in awards for 13 high-speed rail projects that will impact 31 states around the nation, as well as a reassurance for the continued pledge of more funds in the future.

While many have hailed this as a step in the right direction, which will enable us to finally compete with massive and effective high-speed rail systems in countries such as Japan and Spain, just as many are skeptical that the investment will not be enough to aid financially struggling states.

Even in states like California, where in 2008 voters passed a $9.95 billion referendum to fund a high-speed rail system, it is not clear where the rest of the funds for the project will come from.

With all that said, do you think that states will be able to foot their part of the bill? Also, since national high-speed rail system is the current’s administration’s goal, is it asking too much to expect the feds to step in and fill the financial gap?