This article nails it well. Private money is amply funding embryonic stem cell research on leftover embryos. Add to these projects, $25 million in federal funding in 2003 on existing lines, plus money that will be flowing in from the states.
Frankly, the money would be better spent, in my view, on adult stem cell research or on current medical needs that are not being met. But the idea that ESCR is withering on the vine is poppycock.