Posted: Feb 18, 2014 7:24 PM by Michael Marsh
Updated: Feb 18, 2014 7:24 PM
Source: Associated Press
WASHINGTON- The nonpartisan Congressional Budget Office says raising the federal minimum wage would increase pay for more than 16.5 million workers but may cost 500,000 jobs.
The breakdown comes as the Senate prepares to debate a plan pushed by Democrats to increase the minimum wage from $7.25 an hour to $10.10 in 2016.
Democrats contend the increase would help workers while Republicans say it'll cost jobs.
The CBO says its estimate of job losses would range from a slight employment reduction to a loss of about a million.