Defiant Democrats insisted today that they would be able to push through the most sweeping new controls on financial institutions since the Great Depression, following a Senate setback.

Jubilant US Senate Democrats secured the 60th and decisive vote for historic health care reform legislation, putting President Barack Obama’s top domestic policy issue firmly on a path for Christmas Eve passage.

The US Senate will hold an initial vote on health care reforms today in a move that will test appetite for proposals that could extend medical coverage and slash insurance costs.