Transcription of The Budgetary Effects of the Raise the Wage Act of 2021
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Notes: Numbers in the text and tables may not add up to totals because of rounding. Budgetary Effects are reported for federal fiscal years, which run from October 1 to September 30 and are designated by the calendar year in which they end. Otherwise, the years referred to are calendar years. 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.
Also, the deficit estimate presented above does not include increases in net outlays for interest on federal debt (as projected under current law) that would stem from the estimated effects of higher interest rates and changes in inflation under the bill. Those interest costs would add $16 billion to the deficit from 2021 to 2031.
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