The U.S. Senate is almost through debating a bill to raise to the minimum wage. However--Republicans want to amend the bill with provisions including tax breaks for businesses in order to offset the costs of a higher minimum wage. Democrats don't want that. There's also a move to attach tax deferred compensation to the measure. TheHouse passed the bill earlier this month--without those amendments--and Democrats in the Senate want the same. Will it happen?
Sen. Charles Grassley (R-IA) is a ranking member of the finance committee. Sen. Ron Wyden (D-OR) also serves on the same committee. Both were on "Power Lunch." Grassley says the amendments for small businesses are important to offset the costs of a wage hike. He pointed to the Clinton Administration when it raised the minimum wage--and included tax benefits for small businesses. Critics claim the hike in the wage will cause businesses to lay off or stop hiring new workers.