The House voted Thursday to approve a multi-year highway bill that authorizes spending on road and bridge projects and also revives the Export-Import Bank.
The bill passed 363-64 after days of debate that included consideration of more than 100 amendments. It marked the first major piece of legislation passed under the newly minted speakership of Rep. Paul Ryan, R-Wis., who succeeded now-retired Rep. John Boehner, R-Ohio, one week ago.
Among the amendments were a dozen provisions aimed at reforming and reining in the Export-Import Bank, which stopped making new loans and loan guarantees to support U.S. exports on June 30, thanks to conservative opposition. The amendments were rejected late Thursday, which proponents of the bank say will help ensure it is revived.
The legislation now heads to a conference with the Senate, which passed its own version of a highway funding bill earlier this year that also reauthorizes the Export-Import Bank.
The $325 billion transportation bill is expected to be funded mostly by the federal gas tax and other means, including selling off a portion of the nation’s Strategic Petroleum Reserve. But funding only covers three of the six years of spending authorized in the legislation. Republican aides in both chambers say lawmakers hope to agree upon a funding source for the entire length of the bill during the House-Senate conference that is expected to begin immediately.
Ryan is aiming to draw money from corporate tax reform, but Senate Majority Leader Mitch McConnell, R-Ky., has said he does not support using tax reform to pay for highway projects.
A short-term highway authorization measure now in effect expires on Nov. 20.
