Congress (read R scum) want you to work overtime for nothing
No one is proposing eliminating overtime pay. The proposal is that IF BOTH WORKERS AND EMPLOYER agree BEFORE overtime hours are worked, that the employee may, instead of taking time and a half overtime pay, take time and half hours of leave. And if that leave is not used by the end of the calendar year, the employee is to be paid at his/her current regular rate for those hours (unless the pay at the time was higher).
Example: Employee is asked to work 6 extra hours in a week (46 hours total) and makes a wage of $10/hr. She has the choice of taking overtime pay ($400 regular pay, $90 overtime pay) or receiving 9 hours time off. She never manages to take the time off, but does get a pay raise to $12/hr. At the end of the year she has those 9 hours of leave to cash out at the rate of $12/hr for a total of $108. If she hadn't gotten a raise, or even if she had gotten a pay cut, she would receive a buy back of $90, same as if she had gotten the overtime pay.
So how is that worse?