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almost 3% of market's valleys. the standard & poor's index down more. nearly 4%. alison kosik live with the latest. what's driving this? >> reporter: we saw the sell-off pick up steam on wall street after a report a eurozone official said they have no plans to givotly a financial rescue package, financial assistance may not be in the cards for italy. the thinking, it will could be too big to bail out. the fact it's solvent but drowns in $2.5 trillion in debt. its economy more than twice as big as greece, portugal and ireland when you put them altogether. a bail xwout could cost clear...

opportunity to do something big. we have a chance to stabilize america's finances for a decade, for 15 years or 20 years. if we're willing to seize the moment. what that would require would be some shared sacrifice and a balanced approach that says we're going to make significant cuts in domestic spending. and i have already said i'm willing to take down domestic spending to the lowest percentage of our overall economy since dwight eisenhower. it also requires cuts in defense spending. and i've said that in addition to the $400 billion that we've already cut from defense spending we'...

Construction and a ten-year bond rate in the neighborhood of 3%, if that's not a time to invest in repairing our infrastructure, i can't imagine when there would be a better time. >> okay. so corporate america is holding $2 trillion in cash, and the big question is why are they not spending it? you talk to businessmen, and they will to a person tell you it's uncertainty that they worry about, uncertainty in the regulatory environment, tax environment, and they all say that the obama administration has been suspicious or anti-business and that's why they aren't spending. >> well, i think it's i...

Vigilante and the invisible austerity fairy, or the confidence fairy, i guess i would call him. the invisible bond vigilante is the hypothetical investor who any day now is going to turn on you and drive up your borrowing costs if you don't slash -- if you don't cancel all notions of stimulus and so on. and everyone points to greece, which -- but greece is a very special situation. look at germany or the united states or britain. and the bond vigilantes are invisible. as of -- >> in other words, they can borrow quite cheaply. >> that's right. u.s. interest rates have actually been dropping. th...

Dominating the discussion. there's the invisible bond vigilante and the invisible austerity fairy, or the confidence fairy, i guess i would call him. the invisible bond vigilante is the hypothetical investor who any day now is going to turn on you and drive up your borrowing costs if you don't slash -- if you don't cancel all notions of stimulus and so on. and everyone points to greece, which -- but greece is a very special situation. look at germany or the united states or britain. and the bond vigilantes are invisible. as of -- >> in other words, they can borrow quite cheaply. >> that's righ...