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.

(Copyright 2012 by The Associated Press. All Rights Reserved.)