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President Obama has said he will sign the $305 billion highway funding bill. (Photo: Thinkstock)

Republicans and Democrats in Congress teamed up to send President Barack Obama a five-year, $305 billion U.S. highway funding plan despite some lawmakers’ misgivings that it would be paid for in part by cuts in Federal Reserve dividend payments to large banks, Bloomberg News reported.

The bill, passed 83-16 by the Senate Thursday night, also revives the U.S. Export-Import Bank, whose charter lawmakers had allowed to expire on June 30. The House passed the highway measure 359-65 earlier in the day.

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