RALEIGH -- President Barack Obama is touring the country promoting a minimum wage hike to $10.10 an hour, saying the pay bump would bring thousands out of poverty and induce more spending. But a recent survey of Chief Financial Officers from Duke's Fuqua School of Business says many small business won't be able to afford that bump, according to Duke University Finance Professor - John Graham.

Graham said, "CFO's could probably handle a minimum wage hike to, maybe, $8.50 an hour. But if the minimum wage was hiked all the way up to $10 an hour, then in certain key sectors we would see a lot of job loss."

Graham added that retail, services, and manufacturing would all be fields that could be hit due to an increased minimum wage.