Senate passes five-year highway bill

On December 3, the Senate passed a long-term Highway Bill which will provide $305 billion in funding for highway and transit projects.

The Wall Street Journal

In an 83 to 16 vote, the Senate has passed a five-year, $305 billion highway bill which is now being sent to the White House and is expected to be signed by President Obama.

The bill will provide funds for highway and rail projects, renew the Export-Import Bank and restore a crop-insurance subsidy. 

Support for the bill came through the decision to use funds from a Federal Reserve account. The Highway Trust Fund has been mostly funded through gasoline tax revenue; however, inflation and the introduction of more fuel-efficient vehicles has caused funds to dwindle. 

Close to $207.4 billion of the funding will be allocated for highway projects with the remaining $48.7 billion reserved for mass transit projects.

Read the full article to learn more.