Trump’s $1 trillion stimulus is a gamble for reelection — and a sea change for Republicans once opposed to bailouts

The novel coronavirus is redefining Donald Trump’s presidency eight months before he stands for reelection as he wagers that the potentially largest rescue package in U.S. history could protect the American people from the economic carnage brought by the pandemic.

Trump will be tested at the ballot box not only by his management of the public health crisis but also his ability to navigate what the president says will likely be a recession — a challenge that is reviving the decade-long debate over the use of public money to prop up private businesses.

The administration on Wednesday outlined a $1 trillion plan, which includes $500 billion in cash payments to individual Americans and $300 billion toward helping small businesses, as well as $50 billion for airlines and $150 billion for other affected sectors.

Trump’s hastily crafted stimulus, which has won early support from most Republican lawmakers, marks a sea change on the political right. The president and many of his conservative allies rose to power on the strength of a grass-roots movement forged in opposition to the bank bailouts during the 2008 financial crisis and President Obama’s subsequent economic stimulus package.