Yesterday's House vote on the federal minimum wage resulted in an overwhelming yes. According to a Washington Post article, "the 315-116 vote could end Congress' longest stretch without a minimum-wage increase since the mandatory minimum was created in 1938. Since the last increase in 1997, inflation has depleted the value of the minimum wage to the lowest level in more than 50 years."

Wages of the lowest-paid American workers would go from $5.15 an hour to $7.25 an hour over the next two years. Workers would see the first increase, up to $5.85, within 60 days of enactment. One year later, increases would reach $6.55. One year after that, workers would receive the final increase and walk away with $7.25 an hour.

According to reports, Senate officials will press for a vote on minimum-wage legislation before the end of the month. Unlike the House bill, the Senate will "include small-business tax cuts that Democrats believe are necessary to placate Republicans and the business community and win the 60 votes necessary to break a possible filibuster."

Some Republican leaders comment that the raise will "cripple the economy" and must also include major tax cuts for small businesses, in order to lesson the financial impact. Democrats, on the other hand, argue that the increase will lift the income of 13 million U.S. workers.

To read this full report, click here.