Co-chairman says supercommittee still has ‘plenty of time’ to get debt deal

The Republican co-chairman of the congressional supercommittee on deficit reduction downplayed concerns that the panel has made little progress as its deadline for action nears.

{mosads}The secretive 12-member committee has until Nov. 23 to find between $1.2 trillion and $1.5 trillion in budget savings. Reports in recent weeks have indicated the committee is not close to an agreement, although its members have generally refused to characterize the negotiations.

“I remain encouraged that the members of the Joint Committee know how serious the situation is. I believe they are all committed to achieving our goal,” the GOP co-chairman, Rep. Jeb Hensarling (Texas), told reporters Tuesday. “Until the stroke of midnight on Nov. 22, we still have plenty of time.”

The committee will hold a hearing on discretionary spending on Wednesday, its first public hearing in more than a month.