Biden’s $15 Wage Bid Hits Headwind in CBO Job-Loss Warning
- Inclusion in Democrat-only bill may run afoul of Senate rules
- Agency sees higher joblessness, but reduced poverty numbers
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President Joe Biden’s quest to increase the minimum wage to $15 an hour as part of his $1.9 trillion pandemic-relief package may have hit a political and procedural roadblock in a new report from the non-partisan Congressional Budget Office.
The CBO said Monday the move would boost jobless rolls by 1.4 million by 2025, even as 900,000 people get lifted out of poverty. The scorekeeper also estimated in its report that the proposal would increase budget deficits by $54 billion over 10 years.