Calling it an "absolute disaster for our economy," Speaker Paul Ryan said he vows to fight President Obama's new policy which would expand the amount of people entitled to receive overtime pay.
"This regulation hurts the very people it alleges to help,"
Ryan posted on his website. "By mandating overtime pay at a much higher salary threshold, many small businesses and non-profits will simply be unable to afford skilled workers and be forced to eliminate salaried positions, complete with benefits, altogether."
The White House estimates it will extend overtime to at least 4.2 million workers, currently excluded, by raising the salary threshold to $47,476, more than double the current threshold of $23,660.
The new rule is set to take effect Dec. 1.
Not without a fight, promises Ryan.
"For the sake of his own political legacy, President Obama is rushing through regulations — like the overtime rule — that will cause people to lose their livelihoods," Ryan wrote. "We are committed to fighting this rule and the many others that would be an absolute disaster for our economy."
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