A bipartisan agreement was reached late Wednesday on a federal highway bill that includes provisions to prevent student loan rates from doubling as well as makes adjustments to defined benefit funding requirements.

The bill, the Surface Transportation Extension Act of 2012 (H.R. 4348), is headed for a vote in the House Rules Committee today and floor action is likely later in the day.

Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee, said the two-year bill "will make critical infrastructure investments across the country and support or create more than a million jobs." The agreement, he said, "will also make a high-quality education affordable for millions of students across the country. We needed to reach across the aisle to get this done, and that's exactly what we did."

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