If enacted at the end of March 2021, the Raise the Wage Act of 2021 (S. 53, as introduced on January 26, 2021) would raise the federal minimum wage, in annual increments, to $15 per hour by June 2025 and then adjust it to increase at the same rate as median hourly wages. A report from the Congressional Budget Office estimates the bill’s effects on the federal budget, such as the cumulative budget deficit over the 2021–2031 period would increase by $54 billion, employment would be reduced by 1.4 million workers (0.9%), and the number of individuals in poverty would be reduced by 0.9 million.

The report can be obtained at https://www.cbo.gov/system/files/2021-02/56975-Minimum-Wage.pdf.