A bill to amend the Federal-Aid Highway Act of 1976 to provide an obligation limitation for fiscal year 1978.

Amends the Federal Aid Highway Act of 1976 to establish a ceiling of $7,445,000,000 for all obligations for Federal-aid highways and highway safety construction programs for fiscal year 1978.

Prohibits the Secretary of Transportation from controlling the rate of obligation of such limitation by allocation or otherwise and from controlling, by priority or otherwise, programs or projects eligible for Federal financial assistance from those funds for such programs and projects which are subject to such limitation, if such programs or projects are otherwise eligible for such assistance.

Requires the Secretary to submit monthly reports to Congress on: (1) the amount of obligation by State for Federal-aid highways and the highway safety construction programs during the preceeding month; (2) the cumulative amount of obligations for each State for fiscal year 1978; and (3) the balance, as of the last day of the preceeding month, of the unobligated apportionment of each State by fiscal year.