U.S. Senator Kirsten Gillibrand wants to see the Federal minimum wage, which hasn't gone up in four years, boosted to $10.10 over the next three years. Future increases would be indexed to the rate of inflation.

Her plan tops what President Barack Obama has proposed, and comes as lawmakers at the state capitol are grappling with the push to raise the minimum wage in New York.

In a Tuesday conference call with reporters, Gillibrand noted that for low-wage workers, the record-high closings for the financial markets "doesn't put food on the table or gas in their cars — they're just trying to keep their heads above water day after day."

State lawmakers are negotiating a three-year phase-in of $9, without indexing; Obama proposed a similar timeline for a Federal hike to $9, with indexing.

Gillibrand tried to dispel what she described as myths that small businesses and farmers would oppose an increase. She said the businesses want to retain workers while remaining competitive with companies that pay lower wages, while most farmers are exceeding the minimum wage.