Lawmakers reach agreement on $63 billion FAA bill (AP)

WASHINGTON ? Lawmakers say they've reached an agreement on a $63 billion, four-year bill to extend the Federal Aviation Administration's operating authority and the agency's air traffic modernization effort.

The House Transportation and Infrastructure Committee said in a statement that the bill provides the long-term stable funding the FAA needs as it transitions from an air traffic control system that's based on World War II-era technology to one based on GPS technology.

Rep. John Mica, a Florida Republican and chairman of the committee, said the negotiated agreement will also help the 8 percent of the economy that's impacted by the aviation industry.

FAA's operating authority expired in 2007. It has continued to limp along under a series of 23 short-term extensions. The most recent extension expires Feb. 17.

Source: http://us.rd.yahoo.com/dailynews/rss/us/*http%3A//news.yahoo.com/s/ap/20120131/ap_on_go_co/us_faa_bill

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