Budget Office: Wage Hike Would Raise Pay for 16.5 Million - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Budget Office: Wage Hike Would Raise Pay for 16.5 Million

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Congress' nonpartisan budget analyst says raising the federal minimum wage as President Barack Obama and Democrats want would raise earnings for more than 16.5 million people by 2016. But it would also reduce employment by roughly 500,000 workers. 
The Congressional Budget Office analysis comes as the Senate prepares to debate a Democratic plan to gradually increase the current $7.25 minimum wage to $10.10 an hour in 2016.
The budget office analysis examined the impact such a plan would have by 2016, when the increase would take full effect.
The analysts said their estimate of employment losses was approximate. They said the actual impact could range from a very slight employment reduction to a loss of 1 million workers. 
Democrats say the wage boost would help workers. Republicans have warned it would cost jobs. (AP)

Nevada Senator Harry Reid released the following statement regarding the CBO report on the effects of increasing the minimum wage:

"The Koch brothers made over $18 billion in 2013 alone, but middle-class families have watched their incomes stagnate for decades. Our economy should work for everyone, not just the top one percent. Hard-working Americans deserve a raise, and this new report shows that over 16 million Americans will receive a raise from an increase in the minimum wage, while 97 percent of those whose wages are affected will see them affected positively.

"If my Republican colleagues have their own ideas for how to raise Americans' income, we are ready and willing to work with them. I hope Republicans will seek to work across the aisle with Democrats on this issue instead of just blindly obstructing as they have done in the past."

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