In a 5-4 vote this morning, the Supreme Court ruled in favor of President Barack Obama's health care overhaul, declaring the law constitutional.

The justices ruled that most individuals must buy health insurance or pay a penalty. The law also provides exemptions to the mandate; those in prison, undocumented immigrants, Native American tribe members, and those whose religious beliefs conflict with receiving medical treatment are among those who are exempt.

"Whatever the politics, today's decision was a victory for people all over this country whose lives will be more secure because of this law and the Supreme Court's decision to uphold it," Obama said in a statement.

Opponents of the reform are speaking out against the decision. Former Republican presidential candidate Rep. Michelle Bachmann (R-MN) called the ruling unconstitutional and Republican presidential candidate Mitt Romney has vowed he will repeal the ruling if elected.

Text of the Supreme Court's decision