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Mark Cuban says all American households ought to obtain a $ 1,000 stimulus examine each 2 weeks for two months

He reiterated his support for Americans who received a direct payment of $ 1,000 every two weeks for two months and had 10 days to spend.

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September
24, 2020

3 min read

This story originally appeared on Business Insider

Billionaire Mark Cuban says the federal government should provide every household in America with a $ 1,000 stimulus check every two weeks for the next two months.

In an interview with CNBC, the Cuban urged Congress to pass another economic aid package to put individuals and businesses in need, saying at the start of the pandemic, "We need as much as we do now".

Cuban initially proposed a second wave of direct payments in mid-May, shortly after the House Democrats passed a comprehensive spending package that included the measure. He told the outlet he still thinks this should be done "the same way", with families only having 10 days to spend the federal money, arguing this would spur spending and better support businesses.

The Dallas Mavericks team owner worked out his proposal beforehand.

"I don't care what you spend it on," the Cuban told KNX 1070 News Radio earlier this year. "It could be candy, it could be rent, it could be your mortgage, it could be anything you think necessary or what you want."

Kuban's idea differs from what Congress passed in March in the CARES bill in that there is no income threshold, which means everyone would get a government check. Legislature and President Donald Trump approved a wave of direct payments of $ 1,200 for those earning up to $ 75,000 per year, plus $ 500 for each dependent child.

Related: When will my next stimulus check arrive? (Updated)

The amount of cash decreased by the time it ran out for those earning more than $ 99,000. Married couples earning up to $ 150,000 per year have also qualified for full payment.

The Treasury Department and IRS distributed nearly 153 million stimulus payments this year, according to the Peter Peterson Foundation. The program was priced at $ 292 billion.

Experts say an income threshold helps target federal money towards individuals and families who find it difficult to stay afloat during the crisis. The lack of an exit would significantly increase the cost of a second round of economic reviews, which could lead to resistance from Republicans fearful of rising public debt – and another hurdle to a bipartisan deal.

Business negotiations remain stalled as Republicans and Democrats maintain a $ 1 trillion gap in their spending proposals. In recent days, the impending Supreme Court nomination battle to replace the late Ruth Bader Ginsburg on the Supreme Court has drawn a lot of congressional attention, and there has been little movement for any other stimulus package.

Both parties disagree on the amount of state aid and unemployment benefits that should be included in another bill to relieve coronavirus.

A "thin" $ 650 billion stimulus package from the GOP was blocked earlier this month by Democrats who attacked it as "emaciated" and inadequate to tackle the two public health and economic crises. They are asking for additional spending of at least $ 2.2 trillion.

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