I can say with absolute certainty that this is not the case. Funding is available for basic science only; the very difficult work of bringing genetics to market is simply not funded. Funding for research into e.g. drought resistance is limited to understanding genetic pathways. The closest you get to useful traits is QTL analysis. Make no mistake, this is very useful, foundational research. It enables a variety of approaches to creating new crops. It does not, however, create them.
Public funds should be used in this way. We should bring back seed banks, co-ops, and fund grants that actually aim to bring marketable traits to useful inbreds. I'd love to be able to point to GM intra-poaceae drought-tolerant corn and say, "this is what transgenics are capable of!" That's not the reality, though.