President Issues Executive Order Raising Federal Contractors' Minimum Wage To $10.10
President Obama pauses during his news conference in the White House briefing room concerning minimum wage hikes.
The increase is to begin at the start of 2015 and the President encourages all US employers to raise wages to a 'living wage' for their employees as well.
In addition, the President pressed Congress to pass legislation to raise the minimum wage for all workers across the nation. He urged business leaders and government officials to do more to increase workers' incomes.
"I would ask any business leader out there, any governor, any mayor, any local leader listening to do what you can to raise your employees' wages," he said. He rejects arguments that doing so will hamper the economy.
The President added "It's not going to depress the economy, it'll boost the economy."