Tax bill awaits reconciliation

WASHINGTON — The Senate on Wednesday barreled toward the most sweeping rewrite of the tax code in more than three decades as the top Republican senator said he was willing to compromise on a major sticking point for lawmakers from high-tax states such as New York and California.

The Senate voted 51-47 to formally begin negotiations with the House in an effort to reconcile their two tax bills. Days and nights of tough negotiations await.