Faced with an insurmountable vote deficit, Alaska Senator Ted Stevens conceded the race today to Democratic challenger Mark Begich. By last night, Stevens trailed by more than 3,700 votes with only some 2,500 still left to count.

"Given the number of ballots that remain to be counted, it is apparent the election has been decided and Mayor Begich has been elected," said Stevens, in a statement released by his campaign office.

Seeking a seventh full term after being appointed to the Senate in 1968, Stevens was convicted on seven felony corruption counts in federal court just days before the election. Had he won, Stevens faced possible expulsion from the Senate, which would have allowed Gov. Sarah Palin to appoint a successor.

With Stevens leaving the Senate, Alaskans may come to miss the "Stevens money" -- federal dollars for local projects -- he brought home.

"I am proud of the campaign we ran and regret that the outcome was not what we had hoped for," Stevens said. "I am deeply grateful to Alaskans for allowing me to serve them for 40 years in the U.S. Senate. It has been the greatest honor of my life to work with Alaskans of all political persuasions to make this state that we all love a better place."

--Kyle Trygstad