I'm going to re-cap the story so far.
Once there was a transportation bill. It was passed for 5? 6? years. Then it was extended. And extended again. And extended each year until it's been a few more years. When/if a new one passes, it's really important not just for the life of the original bill but because it can end up getting extended indefinitely like the last one did. Each year there is supposed to be a new transportation bill and each year it doesn't happen.
Until this year. To make a new transportation bill, several things happen (not necessarily in this order):
1. The House Transportation Committee passes a bill.
2. The Senate Transportation Committee passes a bill (not the same as the House's).
3. The House passes the bill that it's Committee passed.
4. The Senate passes its version.
5. The differences are worked out in committee.
6. It goes to the President to be signed or vetoed.
Anything can go horribly wrong at any one of those steps. Or, a horrible bill can be saved at any one of those steps.
The House Transportation Committee came up with an awful bill. Awful for bicycling, but awful for many other reasons too. Some brave Republicans sponsored an amendment to save bike/ped funding but it was voted down mostly be the rest of the Republicans on the Committee. So step #1 failed.
Step #3 will probably happen next week. The League and other groups are hoping it will just get killed entirely. Contact your representatives now or keep an eye on the action alerts and contact them when the vote is scheduled. (Correct me if I'm wrong about that, my understanding is the vote is not yet scheduled?)
Step #2, The Senate Transportation Committee came up with a bill that is not a lot better. A bipartisan sponsored amendment has been introduced and it is scheduled to be voted on on Monday (I think). So definitely do contact your senators right away.
(Anyone who knows this better please correct me. This is my understanding of a somewhat convoluted and complicated process!)