WASHINGTON — The long-awaited $105 billion two-year highway bill will become law Friday when President Barack Obama signs it at a White House ceremony, the administration announced.

Obama signed a one-week extension to the existing law last Friday, preventing it from expiring on June 30.

The bill, negotiated by a joint House and Senate conference committee after months of wrangling, has prompted reports from both Standard and Poor's and Moody's Investors Service concluding that gas tax-backed GARVEE bonds have a better outlook thanks to the long-term funding.

The bill also drew applause from the transportation industry, which has not had more than a temporary months-long extension since the six-year law expired on Sept. 30, 2009.

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