"Similar to minimum wage, these changes in overtime rules will fall most harshly on small and medium sized businesses, who are already trying to figure out the impact of Obamacare on them," said Marc Freedman, executive director of Labor Law Policy for the U.S. Chamber of Commerce. "
Keith Koenig, president of City Furniture, which owns 10 Ashley Furniture HomeStores in Florida, says a new threshold of $800 would cost him several hundred thousand dollars more in overtime. He said he would have to tell affected workers that they couldn't work more than 40 hours a week.
"I can't afford to pay them time and a half. It breaks my budget," he says.
AFL-CIO President Richard Trumka said that Wall Street executives benefited from a 15 percent increase in bonuses last year.
"Americans are fed up with Wall Street," he said, yet more hopeful than we've been in a generation that real efforts to raise wages are being put in place."