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Raising the federal minimum wage to $15 an hour would lift 900,000 people out of poverty while adding $54 billion to the deficit, CBO report finds

Bernie Sanders minimum wage

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Raising the federal minimum wage to $15 an hour by 2025 will lift 900,000 people out of poverty, while increasing the country’s budget deficit by $54 billion over the 2021-2031 time period, according to a report from the Congressional Budget Office. 

Introduced by Sen. Bernie Sanders of Vermont and other top Democrats on Jan. 26, the Raise the Wage Act of 2021 proposed a gradual increase of the federal minimum wage to $15 an hour by 2025. The legislation would gradually phase out sub-minimum wages for tipped workers and would tie the value of details ⇒

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