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White House: $8.2B for 10 major rail projects including US' first high-speed rail
(www.whitehouse.gov)
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this post was submitted on 08 Dec 2023
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140 miles is just what is remaining that hasn't been cancelled. The cost you quote is from before the latest batch of cancellations at least. The latest estimate for the Birmingham to London section that I can find is £68 billion. This is the most expensive section of the original design of HS2. Hopefully the USians can learn a bit from the mistakes made here, such as boring tunnels just to avoid upsetting some rich people, and allowing a private company to make design changes to one of the termini stations at will.
Also AFAIK this bill doesn't aim to fully fund any of the projects, for these types of projects in the US funding generally comes from a number of sources and this is just the federal government providing some.