Last night a bill that would have increased the federal minimum wage to $7.25 per hour over three years — tied to a reduction in the estate tax — failed. Here's CNN's report of the proceedings.

So the federal minimum wage remains at $5.15 per hour, at least for the time being. Does this have any effect on New Jersey businesses and employees? No, at least not for now. The New Jersey minimum wage is $6.15 per hour and increases to $7.15 on October 1, 2006. Employers here must pay the higher rate provided by the state law.