By Geneva Sands - 11/16/11 09:39 PM EST
The committee is tasked with finding $1.5 trillion in federal government savings over the next ten years from a combination of spending cuts and revenues.
If a deal is not reached automatic cuts will be triggered to defense spending, Medicare and other programs.
"I remain hopeful that we will get a deal. I am not as confident as I was say 10, 12 days ago, but I'm just as hopeful that we will," said supercommittee member Rep. James Clyburn (D-S.C.) on MSNBC on Monday.
Lawmakers on both sides of the aisle are blaming each other for the committee's lack of progress.
Republicans accuse Democrats of refusing to make significant reforms to entitlement programs. Democrats say the GOP is unwilling to raise taxes under any circumstances.
Senate Majority Leader Harry Reid (D-Nev.) and House Speaker John Boehner (R-Ohio) met Tuesday, a sign they might take a larger role in deficit talks, congressional aides say.
"Both Democrats and Republicans have all done good work, they’ve worked very hard, but there isn’t an agreement,” Boehner said to reporters Tuesday. "I’m convinced that if there is an agreement that it can, in fact, pass."
A bipartisan group of House and Senate members, including House Minority Whip Rep. Steny Hoyer (D-M.D.) held a press conference Wednesday urging the supercommittee to send Congress a "bold" debt reduction plan by seeking $4 trillion in savings.
"We're here today to say we must work across the aisle in both houses to get this country on the right track," said Hoyer at a press conference.
For the latest on the supercommittee's progress, click here.