Most transportation groups are expressing relief and some joy that Congress finally appears poised to pass a five-year highway and transit bill, even though it relies on budget gimmicks and offers no long-term financial solution. Lawmakers are expected to approve the $305 billion law—ending a decade of short-term extensions—by next week.

The conference committee report endorsed Dec. 1 by negotiators in both the House and Senate also reauthorizes the U.S. Export-Import Bank, pleasing business associations that have been lobbying hard on this issue.

But some associations are certainly complaining, primarily those whose industries are being asked to make up a $70 billion-revenue shortfall.

—Rob Nichols, CEO of the American Bankers Association, decried cutting dividend payments from the Federal Reserve to larger banks, and for tapping the Federal Reserve's capital surplus account.

"Banks shouldn't be used like an E-ZPass to pay for highways," Nichols said in a news release. "Dramatically reducing the dividend rate—without hearings, consultation with committees of jurisdiction, study or analysis of any kind whatsoever—is extremely bad public policy."

However, the bill did include some regulatory relief measures sought by banks.

—Nick Calio, CEO of Airlines for America, denounced an increase in aviation security taxes: "Once again, Congress is placing the burden to fund highway spending on the backs of the flying public."

Among those applauding:

—"The significance of this legislation cannot be overstated," said American Public Transportation Association CEO Michael Melaniphy. The bill directs $48 billion for transit.

—American Trucking Associations CEO Bill Graves welcomed steps to revise the federal safety monitoring system. A controversial effort to lower the minimum age for interstate truck drivers to 18 was modified to a pilot program for certain military veterans under the age of 21.

—Stephen Sandherr, CEO of Associated General Contractors of America, said the slight boost to funding will help cut traffic, improve safety and help the economy. But he called for a sustainable funding source.

"Identifying a new way to pay for highway and transit upgrades is crucial is we want to avoid the temporary extensions and patchwork funding provisions that preceded this bill."

• Transportation bill rates both applause and boos from associations
• Grocery Manufacturers Association rolls out digital labeling initiative
• National Restaurant Association to sue New York City—again
• Coal group questions Obama's authority to negotiate climate change treaties
• EPA decision on ethanol leaves associations with mixed feelings