Backers say the measure will create 4,000 jobs at equipment dealerships.
The $305 billion measure is the first multiyear highway measure in a decade.
Anthony Foxx said the measure "reflects a bipartisan compromise I always knew was possible.”
The measure includes approximately $205 billion for highways and $48 billion on transit projects.
The measure would limit drivers under 21 to veterans and current military members.
The five-year proposal relies on $70 billion in offset from other areas of the federal budget.
An announcement of a bicameral agreement is expected on Tuesday.
Federal transportation funding is set to expire on Friday.
The measure extends transportation funding until Dec. 4.
The latest patch lasts only two weeks.
Majorities oppose proposed changes to rules for automakers and truckers.
At issue is the use of Customs and Border Protection fees to fund a multiyear highway bill.
The measure includes $95 million to study future alternatives to the existing gas tax.
The measure extends federal transportation funding until 2020.
The House is expected to approve the measure on Thursday.
An aide calls the measure "a real step forward for our transportation infrastructure."
The measure transfers $70 billion from other areas of the federal budget to avoid raising gas taxes...
The Speaker predicted the lower chamber would easily approve the House-Senate highway deal.
Lawmakers have debated a proposal to redirect money from "high-density" states in the northeast.
The measure extends federal transportation funding until Dec. 4.
Current proposals call for six years of transportation funding at flat levels.
Lawmakers are hoping to reach a bicameral agreement on a multiyear transportation bill.
The House version of the highway bill eliminates funding for "high-density" states.
The measure would extend federal transportation funding until Dec. 4.