Tomato-Basil Cream Sauce

This is a wonderful flavorful sauce which can be served with any pasta. I can't think of a better way to use up those tomatoes and fresh basil which will soon be abundant in your garden!
Thanks to Chef Emeril Lagasse for the inspiration on this one.

Tomato-Basil Cream Sauce
Makes about a quart of sauce

* 2 tablespoons olive oil
* 1  large yellow (Spanish) onion, finely chopped
* 3-4 cloves garlic. minced or pressed
* 4 cups peeled, chopped, and seeded tomatoes
* 1 generous sprig thyme
* Kosher Salt
* Pinch of crushed red pepper flakes
* 3/4 chicken or vegetable broth
* 2 generous tablespoons tomato paste
* 1 +1/4 cup heavy cream
* 3 tablespoons unsalted butter
* a handful of  fresh basil, chopped (about half cup chopped)

Heat the oil in a medium saucepan over medium-high heat.
Add the onions and cook, stirring, until they are soft and transparent.
Add the garlic and cook briefly, stirring and being careful not to burn it (about 30 seconds).
Add the tomatoes and thyme.
Season with salt and crushed red pepper, and cook until the tomatoes give up their liquid, about 5 minutes, stirring occasionally.
Add the chicken broth and tomato paste, bring to a boil, and cook, stirring occasionally until reduced by 1/3 in volume.
Add the cream and continue to cook until reduced by about 1/3 in volume, or until thick enough to coat the back of a spoon.
Remove the thyme, then add the butter and basil stirring until combined.
With an immersion blender, or standard blender puree the sauce, being careful not to splash, as the sauce will be hot.
Taste and adjust the seasoning and consistency if necessary.
Return to the saucepan and keep warm while you prepare your pasta.