The one thing you left out here as it currently stands, is that these warrantless taps are on international communications. That's a key point. Your scenario leaves out that Al Qaeda, or any other Islamist terrorist group, could very well be operating within the States.
Anything within the United States and/or its territories still requires a warrant, even on those Islamist groups.
This is a ch__ch. What's missing?
And, as far as what is being monitored, we only know what we are told...