Supercommittee deadline ticking away

In an interview with CBS News Congressional correspondent Nancy Cordes Wednesday, Rep. Xavier Becerra (D-Calif.) said the Congressional "supercommittee" charged with finding at least $1.2 trillion in budget savings by November 23 still has plenty of work to do.

"If we come out with a plan that doesn't have a packet that includes job creation for the private sector, we've not done our job right," said Becerra, a member of the committee, which includes six Democrats and six Republicans.

"At this stage there is some distance between the proposal Democrats have put on the table and the proposal Republicans have put on the table," Becerra said.

Negotiations are continuing, but the Thanksgiving deadline is fast approaching. If lawmakers do not agree to a deal, significant defense and domestic spending cuts would automatically be triggered, though it remains unclear whether the cuts would actually go through.

Watch the full discussion at left and below.