Minimum wage bill FINALLY appears to be set

On Monday evening, the House Ways and Means Committee approved the Senate's version of a bill that would raise the minimum wage from $5.15 to $7.25 an hour, and also give tax cuts to businesses.  The tax cut portion of the bill had created a disagreement between the two parties.  Once it became clear that the only way a minimum wage increase could get passed was if tax cuts for businesses were also included, then Senate Democrats caved in and ultimately agreed to the compromise, and it was passed by an overwhelming majority in the Senate.

Now that the House panel has cleared it, the bill will head to the House floor for a formal debate, followed by a vote.  It is expected to pass by an overwhelming margin.  The White House will not veto the minimum wage bill because it includes tax cuts for the more larger corporations.

According to the AP, the tax cuts in the bill will cost the U.S. Treasury roughly $1.3 billion over the next ten years.  That might be problem.  Back in January, Pelosi's Democrats passed a rule that institutes a pay-as-you-go system.  In other words, no new deficit spending.  Though, it is rumored that the Democrats could find extra revenue by passing legislation that cracks down on unpaid taxes for big businesses.  The Senate Budget Committee was told earlier this month by a government official that a renewed effort to seek unpaid taxes could result in billions of dollars worth of new revenue.