The high-speed rail was also funded by a state bond measure (which I voted against, back when I still lived there). What it got from fed money I don't know. Regardless, CA is always whining about no money for critical stuff, then spending it wildly on stuff no one needs... not the best way to get my sympathy as a taxpayer.
Per aerial view, it doesn't look like the dam is really in danger -- the washed-out part is a good ways from the dam proper. What might be getting undercut or supersaturated due the breach and suddenly slump is another matter, but assuming it was built from the local rocky ground, probably not a big risk.