Biden $15 minimum wage plan would cut 1.4 mln jobs in 2025-CBO

U.S. President Joe Biden's proposal to raise the minimum wage to $15 per hour by June 2025 would reduce employment by 1.4 million jobs that year and increase the U.S. budget deficit by $54 billion over the 10 years from 2021 to 2031, the Congressional Budget Office said on Monday.

In its cost assessment of Biden's "Raise the Wage Act of 2021," the non-partisan legislative budget referee agency said that the minimum wage increase also would lift 900,000 Americans out of poverty in 2025.