1. It seems like it should increase consumption as everyone would simply have more money to spend. Even if things are cheaper (and seem to be getting cheaper), you now have a new stream of income that, for some people, will burn holes in pockets and beg to be spent.
2. It would allow some employees in the labor market to "opt-out" (as the basic income supplants the "need" for a minimal wage job) and decrease the surplus labor pool. This would seem to require wage growth as employers now need to make the job proposition more compelling. Maybe they would even treat their employees better. Bonus.
3. "printing money" to pay for (or maybe just a portion of) the basic income seems like it should be a nice inflationary counter to the natural deflationary pressures.
I'm sure there are other pros and some cons of this approach, but those seem like good starting points.