Is It Time to Increase the Minimum Wage?

President Obama wants Congress to "give America a raise." But Republicans say it would be a disaster for small business. But, even if Washington fails to increase the minimum wage, states and cities already are acting on their own, along with a major employer: Gap clothing. The Congressional Budget Office warns a federal hike might cause 500,000 jobs to disappear — at the same time almost a million people could be lifted out of poverty. We look at what's happening around the country and the potential consequences for this year's congressional elections.