ABC News is reporting that the US and European intelligence have uncovered what they believe to be a  "major, coordinated series of commando-style terror attacks in Britain, France, Germany and possibly the United States."

A senior US official said that while there is a "credible" threat, no specific time or place is known. President Obama has been briefed about the threat, say senior US officials.

Intelligence and law enforcement authorities in the US and Europe said the threat information is based on the interrogation of a suspected German terrorist allegedly captured on his way to Europe in late summer and now being held at Bagram Airfield in Afghanistan.

US law enforcement officials say they have been told the terrorists were planning a series of "Mumbai-style" commando raids on what were termed "economic or soft" targets in the countries. Pakistani militants killed 173 people with guns and grenades during the 2008 attacks in Mumbai, India.

It is believed the attack is being mounted from Pakistan which is why there have been an increase in drone attacks on terrorist targets in that country. It is also thought that Osama bin Laden himself  has given the go ahead for these attacks.

The fact that the plot has been discovered probably means it is less likely to be carried out - immediately. The terrorists could wait until we've relaxed a bit and then strike. In the meantime, more strikes inside of Pakistan may disrupt the plot altogether.