The Senate took a small, but important, step towards potentially reauthorizing the Export-Import Bank during a rare Sunday session today. The action does not reauthorize the bank, but sets up a vote on an amendment to do just that later in the week, perhaps as early as tomorrow (Monday).

The Export-Import Bank, created in 1934, assists in the financing of U.S. exports, including aerospace products such as communications satellites. The Aerospace Industries Association and the Satellite Industry Association are among those trying to convince Congress to reauthorize the Ex-Im Bank. Its authority to operate expired on June 30 when previous efforts at reauthorization failed. The bank may continue existing operations for now, but cannot take on new projects.

The issue is divisive within both the Republican and Democratic parties. Advocates argue that without the bank, exports of American goods will suffer and jobs will be lost. Opponents insist that it is corporate welfare. Boeing and General Electric are frequent targets of those critics because they reportedly received two-thirds of the bank’s loan commitments between 2007 and 2013, but advocates, including President Obama, counter that smaller companies also benefit, including those that are suppliers to the big companies.

To expedite action, the Senate voted today to allow Sen. Mark Kirk (R-IL) to offer an amendment to an unrelated highway bill later this week. The highway bill is “must pass” legislation because without it funds from the Highway Trust Fund cannot be disbursed to pay for highways, highway safety, and public transportation projects. That bill also is controversial. It is far from certain that even if the Senate does pass the highway bill, with the Ex-Im bank reauthorization included, that the House will agree with either of those actions. The House is scheduled to begin its month-long August recess on Friday, with last votes expected no later than 3:00 pm ET on Thursday.

That gives the Senate only a few days to pass its bill and try to reach a compromise with the House in order to send legislation to the President’ before the Highway Trust Fund authorization expires on July 31.

Sen. Ted Cruz (R-TX) is a strident opponent of the bank and on Friday publicly accused Senate Majority Leader Mitch McConnell (R-KY) of lying to him and other Senate Republicans about the issue in a blistering statement on the Senate floor (which is available on YouTube). Such intra-party disputes are not typically aired in front of the C-SPAN cameras.

The procedural vote today to allow Kirk to offer the amendment was 67-26 (60 votes were needed). Cruz and 25 other Republicans voted against it.

That does not signal what the fate of the amendment itself will be when it is finally debated, however. Some of those who voted to allow the amendment to be offered may nonetheless oppose the amendment itself. At the moment, the Kirk amendment is on the schedule for tomorrow (Monday, July 27), along with several other amendments.

The Congressional Research Service (CRS) has a useful report explaining the Ex-Im Bank controversy.