Another day, another dollar?

Just informed at work today that no one is receiving raises this year. What?! Is this legal? According to our CEO, because of the financial situation of the hospital, no one is getting a raise. Not just nurses, but, supposedly, all staff. I hate to say it, but I must confess, that I will not feel bad "padding" my hours. If I clock out at certain times I will suddenly be getting double time. The worst thing a hospital can do is hurt overall morale. That will not help the financial situation of the hospital. Please reassure me that other hospitals are going through strain...