A Republican-led filibuster blocked a proposal to raise the federal minimum wage to $10.10 in the Senate Wednesday. 

The failure of the proposal, which is a main facet of President Obama's economic agenda, will most likely be held over Republicans in the midterm elections, The New York Times reports. 

The proposal failed 54 to 42. 

Most Republicans voted for a filibuster against the bill, claiming the increase would damage the economy and force businesses to cut jobs due to the increased wages. 

Democrats mostly supported the measure. 

Senators on both sides of the aisle debated the implications of raising the minimum wage from $7.25, which has not changed since 2009. 

Republican Senator Mike Enzi of Wyoming said the 40 percent increase would be too expensive for businesses. 

"The proposal before the Senate throws cold water on job creation and it adds to the burdens businesses are already facing," he said. "Instead, the Senate should be considering proposals which promote job growth."

Democratic Senator Michael Bennet of Colorado staunchly countered the Republican stance. 

"Right now, if you work 40 hours a week in America, in the greatest country in the world, at a federal minimum wage, you make barely over $15,000 a year, " he said. "Think about how crazy that is."

President Obama is scheduled to speak about the vote from the White House Wednesday afternoon. 

While Republicans rail against the increase, polls prove that a majority of the public supports an increase in the minimum wage; two-thirds of the public supports the increase. 

Democrats, who are hoping to gain favor with constituents in the upcoming elections due to their support for their proposal, have drawn up an agenda focused on economic equality that's called "A Fair Shot for Everyone."

The plan includes a measure that they insist will close the pay gap between men and women -- a measure that was also shot down this month by a Republican filibuster -- and a bill to lower interest rates on college loans and close tax loopholes that benefit wealthy corporations. 

However, Republicans said Democrats staged a "show vote" that would not pass. 

"This is all about politics," said Republican Whip John Cornyn. "This is all about trying to make this side of the aisle look bad and hard hearted."

While the measure failed Wednesday, Senator Harry Reid of Nevada, the majority leader, could bring it back for a vote. 

While the federal increase is at a standstill, several states are moving ahead with raising state minimum wages. Arkansas is trying to get a measure on the voting ballot that would raise the state's minimum wage to $8.50, and Alaska is also trying to pass a measure raising the minimum wage. 

So far, state legislatures in Minnesota and Hawaii have approved increases to raise their minimum wages.