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Senate passes $7.25 minimum wage

The Senate passed a $2.10 increase to the minimum wage, by a 94-3 vote, CNN reported Thursday.

With the minimum wage increase, the bill also gives $8 billion in tax breaks to small businesses and increased taxes for $1 million-plus executives, Star Tribune reported.

Both Democrats and Republicans claimed victory. It would have been interesting to hear how this increase in minimum wage will affect businesses who will be forced to pay employees more. McDonalds anyone?