ARLINGTON, Va., May 7, 2012 /PRNewswire-USNewswire/ -- The Aerospace Industries Association strongly urges Congress to pass the bipartisan agreement reauthorizing the Export-Import Bank. With the May 31 deadline swiftly approaching, it is imperative that Congress act quickly. "This agreement helps level the playing field versus foreign competitors who receive substantial financing from their own governments," said AIA President and CEO Marion C. Blakey. "We can't expect American companies to compete with one hand tied behind their backs." The Cantor-Hoyer agreement reauthorizes the Export-Import Bank for three years and extends its lending authority to $140 billion. The bank has generated more than $4 billion dollars in revenue over the last six years – making a profit for the government and helping to reduce the deficit. In an era of increasing budget austerity, we need every contribution to deficit reduction that we can find. The shrinking U.S. federal budget makes it imperative that U.S. aerospace companies, particularly small and medium sized parts and components manufacturers, increase exports of their commercial products. The Export-Import Bank makes possible many of those exports whether they are incorporated into civil aircraft, commercial satellites or dual-use items. "We're delighted that a bipartisan agreement was reached in the House," Blakey said. "It's a testament to the importance of this agency that leadership on both sides of the aisle could work together to find a solution." Facebook | Flickr | LinkedIn | Twitter | YouTubeFounded in 1919 shortly after the birth of flight, the Aerospace Industries Association is the most authoritative and influential trade association representing the nation's leading manufacturers and suppliers of civil, military and business aircraft, helicopters, unmanned aircraft systems, space systems, aircraft engines, homeland and cybersecurity systems, materiel and related components, equipment services and information technology.