Obama proposes major overtime pay expansion, amid GOP resistance

President Obama unveiled a long-awaited plan to drastically expand the number of people eligible for overtime pay, in a move that he said would ensure "hard work is rewarded" -- but that critics warn could hurt job growth at a fragile time.

Under the proposal unveiled late Monday, salaried workers who earn nearly $1,000 per week would become eligible for overtime pay.

The rule from the Labor Department would more than double the threshold at which employers can avoid paying overtime, from the current $455 a week to $970 a week by next year. That would mean salaried employees earning less than $50,440 a year would be assured overtime if they work more than 40 hours per week, up from the current $23,660 a year.