Since July 2009, the nationwide minimum wage has remained $7.25 an hour. It's higher in 21 states and the District of Columbia.
In the face of these higher state requirements, franchisees have already resorted to price increases and are cutting back on hiring, Caldeira said.
On Capitol Hill, debate about a possible increase has intensified with President Barack Obama and many Democrats calling for a jump to $10.10 per hour. Former presidential candidate Mitt Romney also recently came out in favor of raising it, breaking with the GOP on the issue. Meanwhile, the CEO of Subway, the world's largest restaurant chain by locations, said he was not concerned about an increase and advocated indexing the wage to inflation.
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A recent forecast from the nonpartisan Congressional Budget Office suggested both positive and negative results from a hike to $10.10. Such a move could hit employment in the U.S., the report said, and result in a loss of half a million jobs by late 2016 but would bring 900,000 people above the poverty line.