Two of the key components of the Prime Minister's European strategy are tonight in disarray.
The French President rebuffed him over the reform of the European Union.
And the vehicle for putting any such reforms to the British people - a referendum - was voted down in the House of Lords by Labour and the Liberal Democrats.
Mr Cameron says he will fight on, determined to find a way to hold a referendum. His political reputation may depend on it.
ITV News Political Correspondent Libby Wiener reports:
More top news
Sunshine and showers for tomorrow
Addressing veterans at an American Legion conference in Reno, Nevada, the president spoke in measured tones and stuck to prepared remarks.
Uncertainty over Brexit in the UK and strong economic data from Europe both contributed to the slump in the British currency.