(US Congress, Creative Commons)

The measure needed 60 votes to pass, with the final vote count: 54 to 42.

Although most Democrats were in favor of the bill, all but one Republican voted to lead a filibuster against the measure.

Republicans argue that the bill would hinder the economy by forcing businesses to cut hundreds of thousands of jobs.

The current minimum wage of $7.25 has remained unchanged since 2009. "Think about how crazy that is," said Senator Michael Bennet, Democrat of Colorado.

Although the Democrats did not succeed against the filibuster on Wednesday, the issue of minimum wage is certainly not over. While Congress remains in limbo, several states are taking the matter into their own hands. For example, state legislatures in Hawaii and Minnesota have both recently approved minimum wage increases.

Contact Executive Producer Jackie Giordano here.