Senate to vote to move to conference on GOP tax overhaul plan

The Senate is expected to vote Wednesday on a motion to go to conference with the House on the Republican tax overhaul plan.

There will be 10 hours of debate on the motion, followed by a vote. The House voted Monday to move to conference with the Senate on the tax measure.

The White House is hoping Congress will pass the tax overhaul by Christmas. The House has already passed its version, and the Senate passed its tax bill early Saturday morning. CBS News' Nancy Cordes reported earlier this week that Republicans think they only need about a week to iron out the differences between their two plans. Once they come up with an agreement, both chambers would need to vote on the final bill.

Republicans are proposing to reduce most income tax rates for individuals and modify the tax brackets for taxpayers, increase the standard deduction and child tax credit and repeal deductions for personal exemptions, among other things. The Senate bill would also repeal the individual mandate under Obamacare.