The “Shark Tank” star slammed the idea Monday after former President Donald Trump suggested it on July 25. Missouri Sen. Josh Hawley introduced legislation for it three days later.
O’Leary told “CNN News Central” the government should focus on paying down debt instead. “We’re spending a ton of money that we don’t need to … It’s time to sober up and start paying down the debt,” he said. “This idea of money for nothing and checks for free … I hate that idea. Many people hate that idea.”
He warned against damaging America’s reputation as a prime investment spot. “I want the world to continue to send 52 cents of every dollar to America … And it won’t be if … they think we’re drunken sailors spending money … No free checks to anybody,” he said.
In June, the government posted a $27 billion surplus. Tariff revenue topped $100 billion for the first time in a fiscal year.
Asked on July 25 about a possible rebate, Trump said debt repayment was the priority but hinted some Americans could see a small check. “We’re thinking about that, actually,” he said. “We’re thinking about a little rebate, but the big thing we want to do is pay down debt.”
Trump said the idea was tied to soaring tariff revenue. “A little rebate for people of a certain income level might be very nice,” he added.
The CBO projects the GOP’s reconciliation bill will add $3.3 trillion to the deficit over ten years. The president’s Council of Economic Advisors says it could cut it by $4.5 trillion.
Treasury Secretary Scott Bessent predicted tariff revenue could hit $300 billion by late 2025. The national debt now tops $37.2 trillion.