By  on February 18, 2014

WASHINGTON — The nonpartisan Congressional Budget Office said in a report released Tuesday that an increase in the federal minimum wage to $10.10 by 2016, a legislative proposal supported by President Obama and Congressional Democrats but opposed by some retail groups, could lead to a loss of 500,000 jobs.

But the new CBO report also said a counter-balancing, positive effect would be an increase in income levels. The report said a wage hike to $10.10 an hour tied to inflation could increase the average weekly incomes of about 16.5 million low-wage earners, increase the pay of low-wage earners by a total of $31 billion and lift 900,000 families above the poverty line.

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