Committee members optimistic; others concerned.

The Joint Select Committee on Deficit Reduction has a little more than a month to reach an agreement on budget cuts. With the Nov. 23 deadline approaching, some committee members remain optimistic, while others in Congress are concerned about the slow progress.

The committee first met formally Sept. 16 in their quest to find $1.2 trillion in savings. With the slow progress, the risk to discretionary spending is increasing. 

Below is a committee timeline:

Aug. 11: Joint Committee members selected and co-chairs named
Sept. 8: First Joint Committee meeting held
Oct. 14: Standing congressional committees may submit legislative recommendations
Nov. 1 - 14: Effective deadline for Joint Committee to reach an agreement
Nov. 23: Joint Committee deadline for vote on recommendations
Dec. 2: If Joint Committee approves legislation, deadline for submitting to Congress
Dec. 9 - 11: Timetable for beginning of debate on House and Senate Floor
Dec. 23: Deadline for final passage of Joint Committee bill by House and Senate
Jan. 15, 2012: Budget Control Act spending caps for Fiscal Years 2013-2021 revised and reduced if Joint Committee process fails to produce $1.2 trillion in savings
Jan 15: Fiscal Year 2013 spending caps enforced by sequestration, if Congress has not reduced spending to meet reduced spending caps

Information from K&L Gates