WASHINGTON, D.C. — With the Dec. 4 expiration date coming up quickly, House and Senate negotiators struck an agreement on a $305 billion highway bill that would extend federal transportation funding for five years, The Hill reported.

The measure calls for spending approximately $205 billion on highways and $48 billion on transit projects over the next five years. It also reauthorizes the controversial Export-Import Bank’s expired charter until 2019.

The bill is now on its way to the House and Senate for approval. For the full story, click here.

 “This legislation is a vital investment in our country. A safe, efficient surface transportation network is fundamentally necessary to our quality of life and our economy, and this conference report provides long-term certainty for states and local governments, and good reforms and improvements to the programs that sustain our roads, bridges, transit, and passenger rail system. We knew that reaching an agreement on this measure would be challenging, but every member of the conference committee was certainly up to the task. We appreciate their hard work in this effort, and we look forward to moving this measure forward and getting it signed into law.”