At 6:30pm ET, Harry Reid will address reporters about the merged health care bill he just released to the Democratic caucus. We know now that the CBO projects the bill costs $849 billion over ten years, would reduce the deficit by $127 billion in the first ten years and $650 billion in the second ten, and would cover 31 million uninsured by 2019, for a total of 94% insured.

We’ll learn more at 6:30.

OK, Reid is at the desk. We just completed a very good caucus. This legislation is a tremendous step forward. Saves lives, saves money, makes Medicare stronger. Traveled a long way, and tonight marks the last leg of this journey. Tasked with health insurance reform. This makes it more affordable for the American people (half of all bankruptcies b/c of health care costs), do it in a fiscally responsible way. Not adding a dime to the deficit, in fact cut the deficit – as much as 3/4 of a trillion dollars over time. This bill will do good things over the next ten years for so many people in our society.

30 million more Americans will have health insurance. We will not just protect Medicare, we’ll make it stronger. Can’t afford to overlook what this is all about. About people without health insurance. Gives anecdote about a constituent from his hometown of Searchlight, NV. 23 year old who got testicular cancer. Now, people can stay on their parent’s coverage through 26 years of age.

This is about small businesses, women (gonna make provisions on women better on the floor). Women should be able to get a mammogram and not wait until 50 years old. Pre-existing conditions are gone.

Bill will be online tonight.

Anecdote about being in Texas last week, guy talking about his daughter who’s 23 with MS. This is a jobs bill. Finish line is in sight.

Chris Dodd: praises work by Reid in merging bill. Regrets that Baucus isn’t there because mother is in. I was asked to fill in for Kennedy. He would be proud. This will provide access and coverage and security. Increase the safety net. I regret Kennedy’s not here to be a part of this. This leg. includes a strong public option, investments in preventive care, long-term care insurance. Comes under the President’s price tag. Saves $127B in first decade, $650B in second. Real savings while increasing access. Will extend coverage to around 98% including Medicare recipients. Fiscally responsible bill, victory for reforms. Gone on for decades, many have tried this, we are on the cusp of doing it. Americans have been waiting for this. I am confident that we will achieve this goal for the American people.

Tom Harkin: Thanks Reid. Pays respects to Dodd for leadership on the bill, bears his imprint. Thanks Baucus on getting bill through Finance Committee, and WH. Great team effort. I chair HELP Committee that Kennedy chaired. Wish I didn’t come by it this way. We need to fulfill Ted Kennedy’s dream, the cause of his life (emotional). It’s a team effort. What’s not to like about this bill? Cover more people, take away abuses of insurance cos., reduce the deficit. Great victory for American people. Optimistic. Failure is not an option. We’re going to get this over the line. Raises the Victory sign for health care.

Dick Durbin: if you watched the reaction, you would have felt as we did. Our chance to end the journey begun by Truman 60 years ago. Thanks everyone. Reid committed to this cause. We can see victory. Different philosophies and beliefs in that room, but that we’re fortunate to be in that room, doing so much good for so many people. Giving people a fighting chance against insurance cos. Extending coverage to highest percentage in our lifetime. Reducing deficit and lowering costs. Because of this bill, Medicare will be stronger and on better financial footing. Benefits will improve quality of your life. We’ll post bill on Internet tonight. Listened to critics, they should post their bill on the Internet as well. Let people compare.

Chuck Schumer: Salutes Reid. We think this bill is better than SFC bill and HELP bill. Takes best of everything. Bill cuts costs, waste and inefficiency that is driving our system to the wall. Cuts costs to Fed. government more than any bill in history. Help people get coverage. Cover 94% of all Americans and reduces deficit. That all equals 60 votes, and we’re going to get there. Everyone in that room felt we had to get there. We have to for the sake of our system. People will look back and say that this proposal turned America around in health care.

Patty Murray: To the thousands of people who have written me with problems in health care, with their personal stories, esp. a little boy whose mom got sick, lost her job, lost her health care and died; he said “don’t let this happen to anybody else.” I want to say that we’re making a major step forward tonight. Tremendous applause for Sen. Reid. Praises him.

Q&A

? about Medicare cuts: every time you cut waste and abuse you strengthen the program.
? about Baucus: I talked to him today, his mother was better. We’ll get him back here when we need him.
? on understanding with moderates on motion to proceed: I’m not speaking for anyone. Talk to them.

That’s it. THere’s a press briefing shortly, I’ll be on the call and will report back.

UPDATE: Video: