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WASHINGTON — If Congress reduces transportation spending to the level of revenue flowing into the Highway Trust Fund, as some in Congress are suggesting, states are likely to spend their federal money to maintain existing roads and raise money for new highways from tolls and private investors, a new report said.

During their recent presidential nominating conventions, Republicans and Democrats both took credit in their official party platforms for the two-year transportation reauthorization bill passed by Congress and signed by President Obama in July.

President Obama signed a new transportation reauthorization law on July 6 that drew measured praise from truckers, shippers, road builders and others who said they were relieved a new law was enacted, even if it does not address long-term funding for the nation’s highway system.

Members of Congress have been boasting that the new highway bill they passed will create as many as 3 million jobs, including construction workers, highway engineers, manufacturing and truck drivers.

President Obama signed the federal highway bill into law at the White House Friday afternoon, which will fund transportation programs through September 2014, C-Span reported.

President Obama signed a short-term version of the highway bill as Congress works to get him the full legislation to fund federal transportation programs through September 2014, the Associated Press reported.

Congress finally has managed to come to grips with a bill that extends funding for highway and other transportation programs beyond the next few months.

Congress was set last week to pass new transportation legislation authorizing highway spending through September 2014, after House and Senate negotiators agreed on a bill that included a mandate for electronic onboard recorders for trucks and a study of the 34-hour restart provision in driver hours-of-service regulations.