Aides said there was no sign of a deal but also no sign of a stalemate. Talks are expected to continue until the last minute.
"I am still hopeful that a few Republicans will put their country first and come to us with a credible offer," the panel's top Democrat, Senator Patty Murray, told reporters after meeting with fellow Democrats on the panel.
Republican negotiators also met with their party leaders.
Even if the panel reaches a deal, Reid and Boehner would have to ensure that it can pass Congress. Boehner in particular would face pressure from a conservative flank that has refused to back other budget agreements this year.
"I'm convinced, that if in fact there is an agreement, that it can in fact pass," Boehner told reporters after meeting with fellow Republicans.
The two congressional leaders were key players in an April budget deal that avoided a partial government shutdown and describe each other as friends.
Congress already faces rock-bottom approval ratings after a bruising year of budget battles that have pushed the federal government to the brink of default and prompted a first-ever downgrade of the U.S. credit rating.
Failure by the super committee could further undermine public confidence and lead investors to question whether Washington has the political will to make tough fiscal choices at a time when sovereign debt burdens in Greece, Italy and other countries are rattling world financial markets.
It would not necessarily prompt another credit downgrade because automatic spending cuts totaling $1.2 trillion would kick in, falling equally on military and domestic programs.
Analysts have voiced concern that sharp spending cuts could slow the already tepid U.S. economic growth.