Rep. Nancy Pelosi, set to become the first Democratic House Speaker since 1994, has promised that boosting the federal minimum wage will be one of the first things the Democrats will do when the new Congress convenes in January.
The proposal would raise the minimum 41 percent, from today's $5.15 an hour to $7.25 an hour by 2008, making this the first increase since Sept. 1, 1997.
Investors aren't especially concerned that a higher minimum wage might hurt profits at big employers like Wal-Mart Stores. In fact the world's biggest retailer has been backing an increase because it would put more money in the pockets of its core customers.
But critics argue the higher minimum will hurt small businesses, which may be forced to raise prices, cut hiring or slash the hours of the low-wage workers the new law is meant to help.
Minimum wage
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