Singapore rigbuilders set for strong 2013: analysts

SINGAPORE : Singapore rigbuilders Keppel Offshore & Marine (O&M) and Sembcorp Marine have secured a slew of contracts this year.

Analysts have said the two companies could see another strong set of orders in 2013, driven by robust demand for ultra-deepwater rigs.

Keppel O&M booked about US$8 billion worth of contracts this year - its second highest on record.

This follows a record S$10 billion worth of contracts which Keppel O&M secured in 2011.

Keppel O&M said over 65 per cent (US$5.36 billion) of the orders in 2012 came from Brazil.

Looking ahead, Keppel said it is developing a new product that will enable drilling in deeper and harsher environments.

Tong Chong Heong, chief executive officer of Keppel Offshore & Marine, said: "There are also new frontiers, new areas where more rigs are required, and with the emergence of areas such as the Caspian, Black Sea, Mexico and many parts of Southeast Asia, demand for rigs has gone up."

Keppel O&M along with Sembcorp Marine are big players in the offshore rig building industry, accounting for some 70 per cent of the global market share for jack-up rigs.

Analysts said the growing demand for ultra-deepwater drilling vessels and equipment will continue to support business growth.

Low Pei Han, investment analyst at OCBC Investment Research, said: "O&M companies have seen very good order books, Keppel and Sembcorp Marine each secured about 10 billion dollars worth of orders this year.

"About 50 per cent of each came from Sete Brasil and Petrobras, which is what the market had more or less anticipated. Going into 2013, we expect Sete Brasil and Petrobras orders to remain about the same level as this year, which will be about S$4 billion to S$5 billion."

But the Singapore rigbuilders are likely to face stiffer competition from Korean and Chinese companies.

Analysts said some Chinese shipbuilders are offering similar products at a 20 per cent discount.

For example, earlier this month, Yangzijiang secured a US$170 million order for a jack-up rig, while a similar contract at Keppel O&M cost US$205 million.

According to the China Association of the National Shipbuilding Industry, China hopes to capture 20 per cent of the global market for rigs, production facilities and offshore products by 2015.

But some analysts said Singapore rig builders are not likely to lose their competitive edge anytime soon.

Janice Chua, head of equity research (Singapore) at DBS Vickers, said: "It is a tall order for the Chinese yards to try and get the global market share for rigs.

"In order for the Chinese yards to have a bigger market share globally, what is more important is the soft skills of project management, engineering, design expertise, as well as ensuring that they can deliver the projects on time and according to the clients specification. That will take at least three years to build for any of these offshore structures."

Increasing shale gas production in the US could also present a new competitive landscape for rigbuilders.

Jason Waldie, associate director at Douglas Westwood, said: "The wild card here is whether the US is going to export, or how much the US is going to export. Certainly I know the US government is planning to export a very good share of its gas to the market. Now what impact does that have for the yards?"

Analysts expect the demand for rigs to come under some pressure should the US decide to export a substantial amount of shale gas.

- CNA/ms

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Opinion: 12 lessons

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

What we learned in 2012

STORY HIGHLIGHTS

• Dean Obeidallah: You are smarter today than 365 days ago


• Obeidallah: You probably learned a few Korean words like "Gangnam Style"


• He says we found out poultry can be a political tool and some people talk to chairs


• Obeidallah: The good news is that we'll soon forget the inane lessons of 2012

Editor's note: Dean Obeidallah, a former attorney, is a political comedian and frequent commentator on various TV networks including CNN. He is the editor of the politics blog "The Dean's Report" and co-director of the upcoming documentary, "The Muslims Are Coming!" Follow him on Twitter: @deanofcomedy

(CNN) -- You are smarter today than 365 days ago. You know more than you did at the end of 2011.

And here's the kicker, you may not even be aware of how much you learned this past year. It's analogous to how you're affected by the hit songs of boy bands. No matter how much you might try to avoid them, you can't, because these songs are everywhere. Consequently, the words are subtly drilled into your head and the next thing you know, you find yourself unconsciously singing along to the songs when they play on the radio.

So regardless if you were paying attention or not, there's a lot of new information from this past year trapped inside your brain. Here are just some of the things we collectively learned in 2012:

Dean Obeidallah

1. Mitt Romney had binders full of women

During the second presidential debate, Romney shared with us that when he was governor of Massachusetts, he had binders filled with information about women he was considering hiring. (When I was a teenager, I, too, had binders full of women. But mine I hid under my bed so my mom wouldn't find them.)

2. We picked up some Korean

We're not fluent yet, but thanks to the Korean pop singer PSY and his song "Gangnam Style," we all learned a few Korean words. And because of the song's ubiquitous music video -- which broke the record as the first video to get more than 1 billion views on YouTube -- some of us even have a vague idea of how to do his famous "horse dance."

3. Women love to read "porn"

The runaway hit book, "Fifty Shades of Grey," created a sensation across the country as women -- many over 30 years old -- bought this sexually provocative book, thus coining the term "mommy porn." In contrast, most men are waiting for the movie because we are more traditional in our "porn" tastes.

4. Poultry can be a political tool

Fast food chain Chick-fil-A went from just serving chicken to serving a political message as the head of the company announced publicly that he opposed marriage equality. Consequently, ordering a chicken sandwich at this chain came with a side dish of right-wing politics.

5. Some people talk to chairs

Clint Eastwood taught us at this year's Republican National Convention that you can have a full conversation on national television with your furniture. Hey, Clint made it OK for you to have a conversation with your couch or end table.

6. "James Bond" met the "The Real Housewives"

CIA Director David Petraeus resigned from his job because his extramarital affair was discovered. This is especially shocking because Petraeus' job as the nation's top spy chief was to keep secrets.

7. Cliffs are not just in nature

As we get closer to a precipitous "fiscal cliff" -- a term more overexposed than "Gangnam Style," it seems -- we have all learned that Congress has truly earned its low approval rating -- any lower and certain infectious diseases may become more popular than Congress.

8. What's the big deal with silver?

U.S. Olympian McKayla Maroney made it clear at the London Olympics that she was not impressed by winning the silver medal with her famous "I'm not impressed" face.

9. The way to reduce gun violence is more guns

At least this is what we were told by NRA's Vice President Wayne LaPierre in December as he called for armed guards to be placed in each of the roughly 100,000 public schools in the country.

10. Reality stars are not just for dysfunctional adults

Child star Alana "Honey Boo Boo" Thompson proved that children can be just as self-absorbed and horribly demanding as adult reality show stars.

11. Calendars are not always reliable

The fact you're reading this means that the Mayan apocalypse did not come to pass. That's good news. The bad news is that I now have to pay late fees on the credit cards I didn't pay because I thought there was a chance the Mayans were right.

12. America is the best democracy money can buy

This year's presidential election saw roughly $2 billion spent by the two campaigns and their supporters. That's more than the annual GDP of numerous countries.

You probably recalled more of these things than you guessed you would. While old acquaintances should not be forgot, the good news is that we will likely soon forget the details of the more inane lessons of 2012. Of course, the bad news is that they may be replaced by even more ridiculous ones in 2013.

Follow us on Twitter @CNNOpinion

Join us on Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Dean Obeidallah.

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Conn. gunman Adam Lanza's remains claimed: report

HARTFORD, Conn. The body of the man who killed 26 people at a Connecticut elementary school has been claimed for burial.

Connecticut Medical Examiner Wayne H. Carver II tells the Hartford Courant Adam Lanza's remains were claimed several days ago by someone who wanted to remain anonymous.

Lanza's burial site also is being kept secret, the newspaper reports.

A spokeswoman at Carver's office told The Associated Press she could not release details about the status of Lanza's remains.

The 20-year-old Lanza killed 20 first-graders and six educators at the Sandy Hook Elementary School on Dec. 14. He also killed his mother in their Newtown home before going on the rampage and then committing suicide.

A private funeral was held earlier this month in New Hampshire for his mother, Nancy Lanza.

17 Photos

Newtown, Conn., memorial vigil

Police have not offered a motive for the killings.

Carver has asked geneticists from the University of Connecticut to study Lanza's DNA for any mutations or other abnormalities that could shed light on his motivation for the shootings, the Courant says.

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Hillary Clinton Hospitalized With Blood Clot

(MICHAL CIZEK/AFP/Getty Images)

By DANA HUGHES and DEAN SCHABNER

Secretary Hillary Clinton was hospitalized today after a doctors doing a follow-up exam discovered a blood clot had formed, stemming from the concussion she sustained several weeks ago.

She is being treated with anti-coagulants and is at NewYork-Presbyterian Hospital so that they can monitor the medication over the next 48 hours, Deputy Assistant Secretary Philippe Reines said.

Her doctors will continue to assess her condition, including other issues associated with her concussion. They will determine if any further action is required, Reines said.

Clinton, 65, originally fell ill from a stomach virus following a whirlwind trip to Europe at the beginning of the month, which caused such severe dehydration that she fainted and fell at home, suffering a concussion. No ambulance was called and she was not hospitalized, according to a state department official.

The stomach virus had caused Clinton to cancel a planned trip to North Africa and the United Arab Emirates, and also her scheduled testimony before Congress at hearings on the attack on the U.S. consulate in Benghazi, Libya.

According to a U.S. official, the secretary had two teams of doctors, including specialists, examine her after the fall.  They also ran tests to rule out more serious ailments beyond the virus and the concussion. During the course of the week after her concussion, Clinton was on an IV drip and being monitored by a nurse, while also recovering from the pain caused by the fall.

Medical experts consulted by ABC News said that it was impossible to know for sure the true nature or severity of Clinton’s condition, given the sparse information provided by the State Department. However, most noted that the information available could indicate that Clinton had a deep venous thrombosis,which is a clot in the large veins in the legs.

“A concussion (traumatic brain injury) in itself increases risk of this clot. Likely the concussion has increased her bed rest,” said Dr. Brian D. Greenwald, Medical Director JFK Jonson Rehabilitation Center for Head Injuries. “Immobility is also a risk for DVT. Long flights are also a risk factor for DVT but the recent concussion is the most likely cause.

“Anticoagulants are the treatment,” he said. “If DVT goes untreated it can lead to pulmonary embolism (PE). PE is a clot traveling from veins in legs to lungs which is life threatening. Many people die each year from this.

“Now that she is being treated with blood thinners her risks of PE are decreased,” he said. “Blood thinners carry risk of bleeding but are common and can be safely used.”

Dr. Allen Sills, associate professor of Neurological Surgery at Vanderbilt University Medical Center, said it was most likely that the clot was not located in Clinton’s brain, since she is being treated with anticoagulants.

“This is certainly not a common occurrence after a concussion, and is most likely related to either inactivity or some other injury suffered in the fall,” he said.

Dr. Neil Martin, the head of Neurovascular Surgery at the University of California, Los Angeles, Medical Center, said blood thinners are often given for blood clots in the legs, and it is “very unusual” for anticoagulants to be given for blood clots in the head.

But he cautioned about speculating too much about Clinton’s condition before more information is available.

“If we don’t know where it is, there is the possibility of several different indications,” he said. “I don’t know if there is any connection between what she’s got now and the concussion. All I can tell you is, at this point, it’s almost impossible to speculate unless we know what’s going on there.”

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2012 review: The year in the physical sciences

Read more: "2013 Smart Guide: 10 ideas that will shape the year"

You may have thought that 2011 was the year of amazing physics, but 2012 soundly beats it. Whereas last year threw up intriguing questions, 2012 was a year of answers, some enabled by marvels of engineering. A boson resembling the Higgs popped up at the largest particle accelerator ever built, confirming hints first glimpsed at the end of 2011. Statistics were crucial to that discovery and proved vital even in the US presidential elections. But 2012 brought lessons as well as triumphs: what looked in 2011 like neutrinos breaking the cosmic speed limit was revealed to be an engineering flaw. Now, relive the roller coaster.

Beyond Higgs: Deviant decays hint at exotic physics
The world's most wanted particle has shown up at last, and surprises in its behaviour could help transcend the limits of the standard model of particle physics

Neutrino speed errors dash exotic physics dreams
Extra dimensions, time travel and tachyons all seemed a little more likely in the wake of claims that subatomic particles called neutrinos had moved faster than light – but the universe just returned to its slightly more mundane self

If you want to be president, hire geeks not pundits
As the US re-elected President Barack Obama, mathematics fans crowned their own king: statistician Nate Silver. Elections of the future could be won by the party with the best stats

Why physicists can't avoid a creation event
The big bang may not have been the beginning of everything – but new calculations suggest we still need a cosmic starter gun

Fiendish 'ABC proof' heralds new mathematical universe
Solving this 25-year-old puzzle meant tearing up and rebuilding the basic elements of number theory – and the result could prise open other enigmas

Death-defying time crystal could outlast the universe
Don't take the heat death of the universe lying down – a time crystal, symmetrical in time rather than space, would have the power to survive even the end of the universe

Truth of the matter: The Majorana particle mystery
Can a single entity be matter and antimatter at the same time? The idea was first aired 80 years ago, but now matter-antimatter hybrids seem to have been sighted trapped in the innards of a solid superconductor

Quantum measurements leave Schrödinger's cat alive
Physicists have probed a delicate quantum state without destroying it – the equivalent of taking a peek at the metaphorical cat without killing it

US judge rules that you can't copyright pi
The mathematical constant pi continues to infinity, but an extraordinary lawsuit that centred on this most beloved string of digits has come to an end – on Pi Day

Move over graphene, silicene is the new star material
After only a few years basking in the limelight, wonder material graphene now has a silicon-based competitor that could be more compatible with electronic devices

If you would like to reuse any content from New Scientist, either in print or online, please contact the syndication department first for permission. New Scientist does not own rights to photos, but there are a variety of licensing options available for use of articles and graphics we own the copyright to.

All comments should respect the New Scientist House Rules. If you think a particular comment breaks these rules then please use the "Report" link in that comment to report it to us.

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French paper to publish comic book on life of Mohammed

PARIS: A French weekly known for publishing cartoons of the prophet Mohammed to the ire of conservative Muslims said on Sunday it plans to release a comic book biography, that will be researched and educational.

Satirical newspaper Charlie Hebdo has on several occasions depicted Islam's prophet in an effort to defend free speech and defy the anger of Muslims who believe depicting Mohammed is sacrilegious.

"It is a biography authorised by Islam since it was edited by Muslims," said Charlie Hebdo's publisher and the comic's illustrator, who goes by the name Charb.

"I don't think higher Muslim minds could find anything inappropriate," Charb said.

The biography will be published on Wednesday and was put together by a Franco-Tunisian researcher known only as Zineb, Charb said.

The publisher said the idea for the comic book came to him in 2006 when a newspaper in Denmark published cartoons of Mohammed, later republished by Charlie Hebdo, drawing angry protests across the Muslim world.

"Before having a laugh about a character, it's better to know him. As much as we know about the life of Jesus, we know nothing about Mohammed," Charb said.

In September Charlie Hebdo published cartoons of Mohammed as violent protests were taking place in several countries over a low-budget film made in the United States that insults the prophet.

In 2011 Charlie Hebdo's offices were hit by a firebomb and its website pirated after publishing an edition titled "Charia Hebdo" featuring several Mohammed cartoons.

Charb, who has received death threats, lives under police protection.

- AFP/xq

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Woman charged with murder in NY subway shove

Last Updated 9:37 p.m. ET

NEW YORK A woman who told police she shoved a man to his death off a subway platform into the path of a train because she has hated Muslims since Sept. 11 and thought he was one was charged Saturday with murder as a hate crime, prosecutors said.

Erika Menendez was charged in the death of Sunando Sen, who was crushed by a 7 train in Queens on Thursday night, the second time this month a commuter has died in such a nightmarish fashion.

Menendez, 31, was awaiting arraignment on the charge Saturday evening, Queens District Attorney Richard A. Brown said. She could face 25 years to life in prison if convicted. She was in custody and couldn't be reached for comment, and it was unclear if she had an attorney.

Menendez, who was arrested after a tip by a passer-by who saw her on a street and thought she looked like the woman in a surveillance video released by police, admitted shoving Sen, who was pushed from behind, authorities said.

In this image provided by the New York City Police Department, a composite sketch showing the woman believed to have pushed a man to his death in front of a subway train on Thursday, Dec. 27, 2012 is shown.

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AP Photo/New York City Police Department

"I pushed a Muslim off the train tracks because I hate Hindus and Muslims ever since 2001 when they put down the twin towers I've been beating them up," Menendez told police, according to the district attorney's office.

Sen was from India, but police said it was unclear if he was Muslim, Hindu or of some other faith. The 46-year-old lived in Queens and ran a printing shop. He was shoved from an elevated platform on the 7 train line, which connects Manhattan and Queens. Witnesses said a muttering woman rose from her seat on a platform bench and pushed him on the tracks as a train entered the station and then ran off.

The two had never met before, authorities said, and witnesses told police they hadn't interacted on the platform.

Police released a sketch and security camera video showing a woman running from the station where Sen was killed.

Menendez was arrested by police earlier Saturday after a passer-by on a Brooklyn street spotted her and called 911. Police responded, confirmed her identity and took her into custody, where she made statements implicating herself in the crime, police spokesman Paul Browne said.

The district attorney said such hateful remarks about Muslims and Hindus could not be tolerated.

"The defendant is accused of committing what is every subway commuter's worst nightmare," he said.

On Dec. 3, another man was pushed to his death in a Times Square subway station. A photo of the man clinging to the edge of the platform a split second before he was struck by a train was published on the front page of the New York Post, causing an uproar about whether the photographer, who was catching a train, or anyone else should have tried to help him.

A homeless man was arrested and charged with murder in that case. He claimed he acted in self-defense and is awaiting trial.

It's unclear whether anyone tried -- or could have tried -- to help Sen on Thursday.

Mayor Michael Bloomberg on Friday urged residents to keep Sen's death in perspective as he touted new historic lows in the city's annual homicide and shooting totals.

"It's a very tragic case, but what we want to focus on today is the overall safety in New York," Bloomberg told reporters following a police academy graduation.

But commuters still expressed concern over subway safety and shock about the arrest of Menendez on a hate crime charge.

"For someone to do something like that ... that's not the way we are made," said David Green, who was waiting for a train in Manhattan. "She needs help."

Green said he caught himself leaning over the subway platform's edge and realized maybe he shouldn't do that.

"It does make you more conscious," he said of the deaths.

Such subway deaths are rare, but other high-profile cases include the 1999 fatal shoving of aspiring screenwriter Kendra Webdale by a former psychiatric patient. That case led to a state law allowing for more supervision of mentally ill people living outside institutions.

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Woman Charged With Murder in NYC Subway Push

A woman who allegedly told New York City police she pushed a man onto the subway tracks because she hated Hindus and Muslims has been charged with murder as a hate crime.

Erica Menendez, 31, allegedly told police that she "pushed a Muslim off the train tracks because I hate Hindus and Muslims ever since 2001 when they put down the twin towers I've been beating them up."

Menendez was taken into custody this morning after a two-day search, and when detectives were interviewing her she allegedly made the statements implicating herself in Thursday night's subway-platform death.

"The defendant is accused of committing what is every subway commuter's worst nightmare -- being suddenly and senselessly pushed into the path of an oncoming train," Queen District Attorney Richard A. Brown said. "The victim was allegedly shoved from behind and had no chance to defend himself. Beyond that, the hateful remarks allegedly made by the defendant and which precipitated the defendant's actions can never be tolerated by a civilized society."

Menendez was due to be arraigned this evening. She could face 25 years to life in prison if convicted of the second degree murder charge.

On Thursday night, a woman shoved a man from a subway platform at Queens Boulevard, and the man was crushed beneath an oncoming train. Police had searched the area for her after the incident.

New York City Subway Pusher Charged With Murder Watch Video

The victim was Sunando Sen, identified by several media outlets as a graphic designer and Indian immigrant who opened a print shop, Amsterdam Copy, on Manhattan's Upper West Side. Sen was struck by the No. 7 train after the unidentified woman allegedly pushed him from the northbound platform at 40th Street and Queens Boulevard at 8:04 p.m. on Thursday.

Witnesses told police they had seen the woman mubling to herself, pacing along the platform. She gave Sen little time to react, witnesses said.

"Witnesses said she was walking back and forth on the platform, talking to herself, before taking a seat alone on a wooden bench near the north end of the platform. When the train pulled into the station, the suspect rose from the bench and pushed the man, who was standing with his back to her, onto the tracks into the path of the train," NYPD Deputy Commissioner Paul J. Browne said earlier today. "The victim appeared not to notice her, according to witnesses."

READ: What to Do If You Fall on the Subway Tracks

Police released brief surveillance video of the woman fleeing the subway station, and described the suspect as a woman in her 20s, "heavy set, approximately 5'5" with brown or blond hair."

It was New York's second death of this kind in less than a month. On Dec. 3, 58-year-old Ki-Suck Han of Queens was shoved onto the tracks at New York's Times Square subway station. Two days later, police took 30-year-old Naeem Davis into custody.

On Friday, New York City Mayor Michael Bloomberg was asked whether the attack might be related to the increase of mentally ill people on the streets following closures of institutions over the past four decades.

"The courts or the law have changed and said, no, you can't do that unless they're a danger to society. Our laws protect you," Bloomberg said on his weekly radio show.

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Egypt's Morsi to focus on economy in senate speech

CAIRO: Egypt's President Mohamed Morsi is expected to address the economy on Saturday in a speech before a newly-empowered senate as concerns mount over a downturn and cracks in his government.

Morsi will give the address after the senate, invested with legislative powers under a newly ratified constitution until a new parliament is elected, convenes at 1100 GMT (1:00 pm local time).

A declining Egyptian pound and a US$4.8 billion IMF loan stalled after weeks of often violent protests have put the country on edge, two years after the economy nosedived with an uprising that overthrew president Hosni Mubarak.

"President to set a roadmap for security and the economy," reported Saturday's edition of the official Al-Ahram newspaper.

In televised speech on Wednesday, Morsi welcomed the approval of an Islamist-backed charter in a referendum, despite fierce opposition protests, and pledged to turn his attention to the economy.

He also pledged to reshuffle his cabinet. Two ministers, including an Islamist ally of Morsi, have so far resigned in disagreement with government policy.

Mass rallies that began in November after Morsi adopted extensive powers -- later repealed -- have now subsided, but the secular-leaning opposition this week called for further protests against the new constitution.

The opposition, led by the National Salvation Front coalition, sees the charter as a possible tool to introduce Islamic sharia law.

It also stressed that just one in three of Egypt's 52 million voters actually cast a ballot in the two-stage referendum on December 15 and 22.

The likelihood of prolonged "elevated" political conflict despite the adoption of the constitution prompted the ratings agency Standard and Poor's this week to knock Egypt's long-term credit rating down a peg to "B-."

The National Salvation Front is also now looking ahead and preparing for parliamentary elections in two months' time, after which the senate will be dissolved ahead of another round of elections.

Morsi's Muslim Brotherhood dominated the last parliament which was elected in late 2011 but later annulled by a top court stacked with his opponents.

- AFP/xq

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Senate leaders tackle fiscal cliff deal

STORY HIGHLIGHTS

• Chiefs of staff for the Senate's top Democrat and Republican will lead fiscal cliff talks


• McConnell hopes there will be a plan to present to the Senate "as early as Sunday"


• If there isn't one, Reid says that he'll put an Obama-backed bill up for a vote


• Some congressmen say Americans have a right to be frustrated by the stalemate

As the fiscal cliff looms, what's your New Year's message to Washington? Go to CNNiReport to share your video.

Washington (CNN) -- The Senate's top Democrat and Republican are working this weekend to forge a compromise to prevent the country from going over the fiscal cliff, the combination of sweeping spending cuts and widespread tax increases that will otherwise take effect in days.

Senate Majority Leader Harry Reid, D-Nevada, on late Friday afternoon called the next 24 hours "very important" in the grueling effort to avert a crisis that has been two years in the making. House Speaker John Boehner has called on the Senate to go first, and then his chamber -- which reconvenes Sunday -- will act.

Sen. Mitch McConnell of Kentucky, the Senate Minority Leader, expressed hope that he and Reid will agree on a plan to present to their respective caucuses "as early as Sunday."

Early Friday evening after a meeting involving him, congressional leaders and top administration officials, President Barack Obama said he was "modestly optimistic" the Senate leaders would reach an agreement. At the same time, he conceded, "Nobody's going to get 100% of what they want."

The two senators' chiefs of staff -- David Krone for Reid, and Sharron Soderstrom for McConnell -- will lead the talks, much of which will be carried on over the phone and by e-mail, aides said. Neither of their bosses is expected to be in the Capitol on Saturday, though that could change.

Staffers for Boehner, the top man in Republican-led House of Representatives, won't directly take part in the negotiations, but they'll be kept informed by McConnell's staff, a GOP aide said. The White House will learn what's going on through Reid's staff.

Democrats believe Republicans should make the "first move" -- basically by saying what changes should be made to the president's proposal, which calls for tax rates to stay the same for all annual family income below $250,000. The expectation is that Republicans will try to raise that income threshold to $400,000 and push to keep estate taxes low; Democrats said they might be open to one such scenario, but not both.

If the offer is "laughable," a Democratic aide said it will probably be leaked to the media. If it is reasonable, it should remain private -- which would mean, for Saturday at least, that no news may be good news.

And if the two sides don't agree on a bill over the weekend, Obama said he wants his latest proposal to be put up for a vote in both the Senate and House. He predicted his plan -- which, in addition to his tax rate proposal, would extend unemployment benefits and "lay the groundwork" for deficit reduction -- would pass in both chambers with bipartisan support.

As members of Congress and their staffs talk, Obama will make his case to the public by appearing Sunday on NBC's "Meet the Press," his first appearance on a Sunday political talk show in three years.

Reid said, at the very least, that he'd prepare legislation that includes elements favored by for a vote by Monday. Still, he insisted he'd first work with his GOP colleagues.

"I look forward to hearing any good-faith proposals Sen. McConnell has for altering this bill," the Nevada Democrat said.

If no legislation passes both chambers and therefore remains unsigned by the president by year's end, the fiscal cliff will go into effect -- something economists warn could trigger a recession.

The lack of political movement thus far, and lack of confidence Washington politicians can get anything done with so little time left, has spurred consumer confidence to sag and stock market values to sink.

Some like Democratic Sen. Chuck Schumer of New York expressed cautious optimism Friday that the looming deadline, and the key players renewed engagement, would spur a deal. But others, like Republican Sen. Bob Corker of Tennessee, derided the process so far as "a total dereliction of duty on every level."

"I've been very surprised that the president has not laid out a very specific plan to deal with this," he said on CBS "This Morning."

"But candidly, Congress should have done the same. And I think the American people should be disgusted."

The principal dispute continues to be over taxes, specifically Democrats' demand to extend most tax cuts passed under President George W. Bush while allowing higher rates of the 1990s to return on top income brackets. During his re-election campaign, Obama said this would protect 98% of Americans and 97% of small businesses from tax hikes.

Republicans have opposed any kind of increase in tax rates, and Boehner suffered the political indignity last week of offering a compromise -- a $1 million threshold for the higher rates to kick in -- that his GOP colleagues refused to support because it raised taxes and had no chance of passing the Senate.

Obama and Democrats have leverage, based on the president's reelection last month and Democrats' gains in the House and Senate in the new Congress. In addition, polls consistently show majority support for Obama's position on taxes, and Democrats insist the House would pass the president's plan with Democrats joined by some Republicans if Boehner allowed a vote on it.

However, influential anti-tax crusader Grover Norquist has vowed to back primary challenges against Republicans who violate his widely signed pledge not to raise taxes. Even if a deal is reached, Norquist has predicted yet more budget showdowns every time the government needs additional money to operate.

The two sides seemingly had made progress early last week on forging a $2 trillion deficit reduction deal that included new revenue sought by Obama and spending cuts and entitlement changes desired by Boehner.

Boehner appeared to move on increased tax revenue, including higher rates on top income brackets and eliminating deductions and loopholes. But his inability to rally all House Republicans behind his plan raised questions about his role and what comes next.

All this has fueled disdain for politicians by many Americans. Such contempt is deserved, said Rep. Steven LaTourette, an Ohio Republican, who is retiring from Congress.

"I think America should be embarrassed by its leadership in D.C.," he told CNN on Friday. "The fact that we have been unable to do things, and instead worried about our next elections. ... I think it's sinful."

What happens to the economy if we go over the cliff?

CNN's Jessica Yellin, Tom Cohen, Dana Bash, Deirdre Walsh, Ted Barrett, Greg Botelho and Kevin Liptak contributed to this report.

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