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President Barack Obama works at his desk in the Oval Office of the White House in Washington, Monday, Jan. 27, 2014, ahead of tonight's State of the Union speech. (AP Photo/Jacquelyn Martin)

Jan. 28 (Bloomberg) — President Barack Obama will raise the minimum wage to $10.10 an hour for federal contractors hired in the future, an initiative to be unveiled tonight in his State of the Union address.

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