House approves long-term highway bill

The House has approved a long-term highway bill authorizing up to $325 billion in spending on highway and transit projects over the next six years.

The Hill

The U.S. House of Representatives has approved a long-term highway spending bill. In addition, the bill includes reauthorization of the Export-Import Bank's charter, extending it until 2019.

In total, the highway bill will spend up to $325 billion in transportation projects over the next six years; $261 billion will go towards highway projects while $55 billion is allocated for transit.

Now the bill must be conference with the Senate's bill which has separate measures for highway projects.

While the Senate bill authorizes six years of funding, it only specifies how to pay for three years. Unlike the House bill, though, it does not require Congress find a way to pay for the last three years before passage. Both the House and Senate bills offer additional funding sources to the federal gas tax for three years.

November 20 is the deadline for Congress to finalize its funding solution.