UPDATE: In a 5-4 split, the U.S. Supreme Court ruled to uphold basically the entire Affordable Care Act. The individual mandate survives as a tax. The Medicaid expansion also comes out alive, with a twist: the federal government can withhold new funds for the expansion of Medicaid from states that don't comply with broadened eligibility rules, but they can't penalize states by withdrawing all their Medicaid funds.

Chief Justice Roberts sided with the liberal wing, Ginsburg, Kagan, Sotomayor and Breyer. Justices Kennedy, Scalia, Thomas and Alito dissented.

This is, of course, grim news for many Intrade bettors: this morning before the justices' opinions were delivered, the chances that the individual mandate were to be struck down stood at nearly 70 percent.
Check back for more coverage throughout the day.

ORIGINAL STORY: The U.S. Supreme Court has issued its ruling on the Affordable Care Act, and news outlets are presenting a conflicting picture on a "complicated" decision. CNN initially said the individual mandate was struck down (and has since changed its tune), while Reuters and SCOTUSblog journalists have concluded the law was basically upheld.

"The bottom line: the entire ACA is upheld, with the exception that the federal government's power to terminate states' Medicaid funds is narrowly read," SCOTUSblog said.

Apparently, Chief Justice Roberts, siding with the law, ruled that the individual mandate exceeds Congress' Commerce Clause powers but can be allowed as a tax.

More details to come.

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