(Wikimedia Commons)

Obama used an executive order to raise the wage from $7.25 an hour to $10.10 starting on January 1, 2015. His goal is to eventually give all Americans a minimum wage hike. 

The CBO estimates that the measure would move 900,000 people above the poverty line and raise overall real income by $2 billion, but could also cause businesses to cut jobs to save money. 

Overall, income would be moved from the wealthy to the poor, the CBO said. 

Reach Executive Producer Anne Artley here