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President Obama Signs For Minimum Wage Increase

President Obama took the podium on Wednesday in Washington to announce that he is signing an order which will raise the minimum wage. Starting next year Federal contracts will have to pay at least $10.10 per hour. He started off his speech by referencing his State of the Union address and his intentions on making this a ‘year of action.’

Obama followed by saying, “A majority of Americans – not just Democrats, but Republicans too – support raising minimum wage.”

He added, “It would lift millions of Americans out of poverty immediately.”

The white house statement said, “It will also improve the value that taxpayers are getting from the federal government’s investment. Studies show that boosting low wages will reduce turnover and absenteeism, while also boosting morale and improving the incentives for workers, leading to higher productivity overall.”

The order will affect workers starting on January 1, 2015, and applies to new contracts and replacements for expiring contracts.

In other political news, the Senate has voted to raise the debt ceiling the March 15th, 2014.

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