Last Wednesday, the US House of Representatives passed a bill raising the federal minimum wage to $7.25 over the next 26 months.
$5.15 current federal minimum wage
$5.85 60 days after the bill becomes law
$6.55 1 year after the initial hike
$7.25 2 years after the initial hike
This is the first update to the federal minimum wage in a decade, although some states have enacted their own minimum wage rates that were higher than the current federal rate.
(Source: House votes to raise U.S. minimum wage from Nations Restaurant News)