Full story at http://arstechnica.com/business/news/2011/12/bill-would-end-overtime-pay-requirement-for-many-more-it-workers.ars
Lot of IT people are salaried, which means you get paid by the week/month/year not by the hour, so some weeks you might work 40ish hours and some weeks you work 50+ but there are upsides to salaried pay, bosses more likely to care about what work you get done than how you spend your time. As long as you meet deadlines and such.
This Bill was introduced in Congress, which means it is still a long ways from being Voted into law, would affect many IT and Computer nerds if it becomes law.
Just a heads up.
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