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of may. that's the biggest monthly loss in nearly a year. in case you were thinking that europe's crisis was their problem and your eyes glaze over when you hear about it, this is the wake-up call. america's 401(k)s are losing value thanks to greece and spain. why? well, because if and when greece drops the euro, it's a little domino with a lot of punch. next comes spain, portugal, ireland, maybe even italy. they could all fail. and that means the breakup of the world's biggest economy and america's biggest trading partner. it means at least tens of thousands of american jobs will be...

in case you were thinking that europe's crisis was their problem and your eyes glaze over when you hear about it, this is the wake-up call. america's 401(k)s are losing value thanks to greece and spain. well, because if and when greece drops the euro, it's a little domino with a lot of punch. next comes spain, portugal, ireland, maybe even italy. they could all fail. and that means the breakup of the world's biggest economy and america's biggest trading partner. it means at least tens of thousands of american jobs will be lost. this is the scene in greece now. destitution and riots. ...

becoming an abnormal crisis. what happened today? >> reporter: well, there was a lot of process, sanjay. and a lot of discussion and still no break through is the bottom line. we are less than two days away from the president's self-imposed july 22nd deadline for a deal. and still there is no deal. and now some on capitol hill, some of even the president's allies are saying this is now in their view time to cut bait and stop going for the big deficit reductions package they've been talk about and find the easiest path forward to get the debt ceiling raised and worry about deficit red...

hacking scandal. david cameron minutes away from a show down. two major proposals in the trillion dollar showdown over the nations debt. the first is called a possible break through. the second plan is under attack by democrats. all this next on "american morning". thanks for being with us, it's wednesday, july 20th, this "american morning". i'm kiran chetry. >> i'm ali velshi. do we have a lot going on today. british prime minister david cameron is about to get grilled by parliament. the newscorp phone hacking hearing begins in 30 minutes. cameron is expected to face tough quest...

foreclosures, and he had a winning streak on a game show. what is the consumer financial protection bureau? it aims to put a stop to predatory lending. it will keep an eye on credit card fees and student loans and keep an ear on consumer complaints. because a whole lot of centers don't like the bureau, the confirmation could be, dare i say, in jeopardy. dan, tell us first why this nomination is not going to elizabeth warren? >> reporter: well, certainly the white house saw her as somebody that could set up the agency and had hoped that she was the person who could potentially lead th...