Both chambers of Congress voted last week to pass the bill, HR 3357. The Highway Trust Fund had faced a cash shortfall as soon as later this month due to tax revenue coming in below levels projected in the 2005 transportation law known as "SAFETEA-LU" as a result of Americans driving less during the economic recession and thus paying less in gasoline, diesel, and heavy-truck taxes.

"We applaud President Obama for adding his signature to this critical piece of legislation," said John Horsley, executive director of the American Association of State Highway and Transportation Officials. "It gives our member states some breathing room as they continue to deliver jobs to revive our economy."

Horsley added: "While we are pleased that Congress and the president acted on a short-term fix, we must find a long-term funding solution or the nation's highway and transit programs will continue to face crises."

The bill signed into law today also includes two provisions unrelated to transportation. It would add money to the Unemployment Trust Fund and the Federal Housing Administration capital fund as well as increase the amount that Ginnie Mae may guarantee on mortgage-backed securities.