U.S. President Barack Obama on Monday announced a proposal that would make nearly 5 million more workers eligible for overtime pay, a move that would touch nearly every sector of the U.S. economy and could face legal challenges.

Obama in an editorial posted on the Huffington Post website said the proposal would more than double the maximum income a salaried worker can earn and still be eligible for overtime pay to $50,440, or $970 a week. The current threshold is $23,660.

Obama said he would discuss more details of the proposal later this week in Wisconsin.

When the proposal is published, it will set off a comment period during which business groups are expected to argue that the rules would not have their intended effect of putting more money in U.S. workers' pockets and could kill jobs.