Congress may be struggling to reach an agreement on the details of a stimulus package, but Mark Cuban is not holding back. The Shark Tank star and owner of the Dallas Mavericks told CNBC on Wednesday that he thinks every American household, regardless of income, should receive an $1,000 stimulus check every two weeks for the next two months.
This isn’t the first time he’s shared his idea– Cuban did so back in May and said he “still believes” in doing it today.
As a caveat, Cuban states that families should be required to spend that check within 10 days, or risk losing the payment.
Speaking on KNX 1070 News Radio in May, Cuban shared, “I don’t care what they spend it on… It could be candy, it could be rent, it could be their mortgage, it could be anything they deem necessary or that they want.”
The billionaire added, “… the whole goal is to get that money every two weeks into the economy. Once businesses start having demand, even if they’re closed and working online, then there is a reason for them to be able to bring back employees and retain those employees if demand is sustained.”
Chuck Marr Responds to Cuban’s Statements
When Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities, responded to CNBC’s Make It, he said, “What’s good about [Cuban’s plan], and what’s important, is he reflects the urgency of the situation. But I think you target money first for people that are hurting. People who are hurting and don’t have other income, they’re going to spend. I think if you did stimulus payments, they need to be targeted by income.”
He also said the “spend it now” method may not be efficient, as “the government could not keep track of that.”
The Current Status of Stimulus Checks
While Congress and the President have all expressed support for a second round of stimulus checks, both sides of the aisle have yet to agree on a larger economic relief package that includes those checks. And without an agreement, there will be no payments made.
Earlier this month, Senate Republicans proposed a smaller, scaled-back relief bill that did not include stimulus checks. The bill did not pass, and was met with criticism from House Democrats, who urged lawmakers that economic impact payments “must be made because the rent must be paid,” according to Rep. Al Green, per CNBC.
Green added, “If we do not do this, we will put persons at risk of being evicted at a time when we are having a pandemic that is still taking lives in this country.”
Whether or not a bill will pass, and the timing of these potential payments, remains unclear. CNBC quotes Treasury Secretary Steven Mnuchin as saying, “We obviously can’t pass a bill in the Senate without bipartisan support. Our job is to continue to work with Congress to try to get additional help to the American public.”
The House and the Senate will break soon for the election, and with that recess just around the corner, the window of time to reach an agreement on a stimulus package is closing.
As AS.com pointed out, the Senate is set to break on October 2, but is “prepared to postpone the start of its next break.” The House has already stated it would delay leaving for the November elections until a legislation agreement was reached.
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