House, Senate strike tentative deal to reauthorize Ex-Im Bank, extend pricey highway bill

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Congressional negotiators from both the House and Senate Tuesday came to a tentative agreement on a $305 billion highway bill that would extend federal transportation funding for five years and reauthorize the Export-Import Bank.

The Hill has the details:

The resulting 1,300-page bill, paid for with gas tax revenue and a package of $70 billion in offsets from other areas of the federal budget, comes just days before transportation spending is set to expire on Dec. 4.

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.

Lawmakers expressed confidence that the package will win approval in both chambers in time to beat the rapidly approaching Friday deadline.

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