US Congressional leaders have announced Wednesday their picks for a “supercommittee” aimed at reducing the country’s budget deficit

US Congressional leaders have announced Wednesday their picks for a “supercommittee” aimed at reducing the country's budget deficit.

The 12-member committee comprising of six Republicans as well as six Democrats, is expected to come up with at least USD 1.2 trillion in cuts over ten years by November 23.

A majority vote is needed before the agreement is passed on to the US Congress, which needs to approve it by December 23.

However, there are doubts whether the committee will reach an agreement as both parties have so far rejected each other's proposals.

While Democrats have called for an increase on taxes for the wealthy and big corporations, the Republicans have voiced support for deep cuts to the US social safety net.

If the committee fails to reach an agreement by the given deadline, or if Congress fails to approve it, automatic reductions of USD 1.2 trillion to federal spending will be triggered.

The cuts could affect such entitlement programs of the country as Medicare, Social Security, and defense program.