Flush with momentum, President Obama is proposing to rework federal laws governing overtime pay to increase wages for as many as 5 million workers. It’s a move the Democratic president has long considered, as a means of addressing two of his core political objectives: boosting middle class families and reducing income inequality. But, like at so many other points during his presidency, Obama will face opposition from Republicans. It may not help him too much in the House, but the president is riding a hot streak right now: last week the Supreme Court upheld a key provision of his signature healthcare law, and Congress gave him “fast track” power over certain trade pacts, which paves the way for him to close a deal with 11 other Pacific Rim countries to create a free-trade zone as a counterweight to China. Here’s the skinny on the OT push, according to The Financial Times: Under current rules, only those workers who make less than $23,660 a year qualify for time and a half pay; Obama wants to up that threshold to $50,400 per year, starting in 2016. His proposal would also more than double the weekly threshold for OT pay qualification—moving it to $970, from $455. The president is expected to formally unveil his plan during a trip to Wisconsin on Thursday. [FT]
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