Hiking minimum wage to $15 would boost millions, report says

Gradually raising the federal minimum wage to $15 an hour by 2025 would boost pay for as many as 27 million workers, according to a new report.

The nonpartisan Congressional Budget Office also said Monday some 1.3 million workers could lose their jobs with the higher wage.

The analysis came as House Democrats prepare to vote in Congress this month on legislation to raise the wage.

Democratic Rep. Bobby Scott of Virginia is the chairman of the Education and Labor Committee. Scott says the report shows the benefits of raising the wage would far outweigh the potential loss of jobs.

Now at $7.25 an hour, the federal minimum has not been raised since 2009, though several states and municipalities have set their minimum wage above that level.