By David Shepardson (Reuters) – California’s ambitious high-speed rail project that aims to move travelers from San Francisco to the Los Angeles basin in under three hours still faces significant funding challenges despite a $3.1 billion federal award. The White House on Friday announced $8.2 billion in federal funding for rail projects across the country, including the California project billed at the first U.S. speed rail project with speeds of 220 miles per hour. California Governor Gavin Newsom, who in October asked President Joe Biden to approve funding, said the award was “a vote of conf…