House and Senate lawmakers reached an agreement on a highway bill that would extend federal transportation funding for five years, according to The Hill.
The legislation, called the Fixing America’s Surface Transportation (FAST) Act, calls for spending about $205 billion on highways and $48 billion on transit projects over the next five years.
This development comes ahead of a Dec. 4 deadline Congress faces to avoid a lapse in highway funding.
According to The Hill, the bill was agreed upon hastily. The Department of Transportation has warned it will stop making payments to state and local governments by the deadline if Congress does not agree on at least another temporary funding extension.
If passed, the bill would be the first transportation funding legislation spanning more than two years since 2005.