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Economic Report: A $15 minimum wage could help 27 million workers, CBO says, but cost 1.3 million jobs

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Fast-food workers protest in favor of a $15 minimum wage.

Some 27 million low-income Americans would get a financial boost if the federal minimum wage were doubled to $15, but another 1.3 million could lose their jobs, a congressional study found.

The Congressional Budget Office looked at options to raise the current $7.25 minimum wage to either $10, $12 or $15 an hour. A big increase would spread the benefits more widely, but also raise the potential costs, the agency concluded.

The Democratic-controlled House is planning to vote soon on a bill to lift the national minimum wage for the first time since 2009 to $15 an hour.

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