The NY Times reports, "Senate Democrats said on Saturday that they had clinched an agreement on a far-reaching overhaul of the nation’s health care system, and that they were on track to approve the legislation by Christmas over fierce Republican opposition."

Holdout Senator Ben Nelson (D-Nebraska) told his colleagues he would support the bill this morning. This comes after 13 hours of negotiations, during which Nelson won "concessions to limit the availability of abortions in insurance sold in newly created exchanges, as well as tens of million in federal Medicaid funds for his home state." Nelson said, "Change is never easy, but change is what’s necessary in America. And that’s why I intend to vote. for health care reform.”

Visit for breaking news, world news, and news about the economy

According to the AP, "One Democratic official said an analysis by the Congressional Budget Office to be released later Saturday would estimate a deficit savings of more than $130 billion over 10 years, and the possibility of much more in the subsequent decade. Forecasters said the bill would expand coverage to roughly 94 percent of eligible Americans under age 65, a total that excludes illegal immigrants."

President Obama is expected to speak about the news shortly.