The bipartisan Congressional Budget Office (CBO) this week took aim at another Obama Administration regulatory scheme in a report released earlier this week.  The Economic Effects of Canceling Scheduled Changes to Overtime Regulations, released by the CBO November 14, confirmed that canceling the new overtime regulation would result in lower employers’ payroll and compliance costs and increased profits.  Further, the report stated that the reduction in employee pay that would result is more than offset by an increase in real family income (income adjusted to remove the effects of inflation) and the associated decrease in prices.  The new overtime regulations are set to become effective on December 1 of this year and notwithstanding the CBO report, or the election of Donald Trump, employers should prepare for and plan on a new overtime exemption threshold of $47,476 until such time as it is enjoined, reversed or repealed.  To that point, a legal challenge, which consolidated two separate lawsuits – one brought by 21 states and the other by the business community – is still pending in the federal court before US Judge Amos Mazzant in Sherman, Texas (“God Bless Texas” by Alan Jackson!) and a ruling is expected to come next week, before the December 1 effective date of the new regulation.