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President Joe Biden wants to raise the federal minimum wage from $7.25 per hour to $15 per hour. Biden is attempting to get the measure passed as part of a broader stimulus package that could be voted on by the House soon.

While some workers would see an increase in their take home pay, it would also cost millions of jobs according to the Congressional Budget Office. FOX Business reports that over 3 million jobs could be lost by 2025.

Biden's effort to raise the federal minimum wage from $7.25 to $15 per hour is estimated to kill as many as 3.7 million jobs, according to a recent nonpartisan analysis by the Congressional Budget Office.

Based on the CBO's median estimate,1.3 million workers who would otherwise be employed would be jobless in an average week in 2025, an 0.8% reduction. However, the CBO also noted that a federal minimum wage of $15 per hour would increase the wages of 17 million workers in an average week in 2025.

The Congressional Budget Office also reported that a higher minimum wage would reduce business income and result in higher prices because the loss in income would be passed on to the consumer.

The minimum wage debate will be inside the stimulus legislation which, if approved, could send $1400 to citizens. This legislation will be debated soon in Congress. Congressional Republicans so far do not like the total cost of the package.

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