Schumer, who appeared on CBS' "Face the Nation," met with the Democratic majority leader, the Republican minority leader and President Barack Obama Saturday to negotiate Saturday.
"I am more optimistic than most we could come to an agreement," Schumer said on "Face the Nation."
He said a potential plan includes passing a bill to open the government until Jan. 15, which is when the second round of sequester cuts take place.
"The plan would be open up the government immediately for a period of time before the sequester hits and then have serious discussions where we might be able to undo the sequester.
Republican Sen. John McCain also appeared on the show Sunday and noted that the sequester is an issue between the two camps.
"I'm very worried about the devastation to our military and our defense. But at the same time, we do have to rein in spending," he said.
McCain also called for Obama to play a larger part in the debate.
"I'm very disappointed that the president of the United States has not played a more active role in this, as Bill Clinton did back in '95."