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Senate Democrats avoided a filibuster at 1 a.m. today by a 60-40 vote, the thinnest possible margin.

"By standing up to the special interests, who've prevented reform for decades. And for furiously lobbying against it now, the Senate has moved us closer to reform that make a tremendous difference for families, for seniors, for businesses and for the country as a whole," said the president.

There are two more procedure votes before the final vote expected on Christmas Eve.

The Congressional Budget Office said the Senate bill would extend health coverage to more than 30 million Americans and would reduce the federal deficit by $132 billion by 2019.

But Republicans are blasting the bill, saying it was rushed and if passed, will put a burden on American families.

"It increases taxes on small businesses and individuals, which is a terrible idea, particularly at a time when our economy is struggling and our job creators are struggling to keep people on their payroll,” charged Republican Senator John Cornyn of Texas.

If it gets through the Senate as expected, the next step will be merging the bill's language with the version passed in the House of Representatives last month.

There are significant differences between the two bills, namely regarding abortion and a government-run insurance plan.