When Sen. Lindsey O. Graham (R-S.C.) called President Trump last Sunday, he delivered a blunt message: If you reopen the nation’s economy too early against the advice of public-health experts, you will own the deaths from the novel coronavirus that follow.

Trump’s stalwart ally also warned that the president wouldn’t be the only one held responsible. Graham said the Republican Party itself risks being defined ahead of this fall’s elections as prioritizing commerce and the stock market over the health and safety of the American people, according to three White House officials and a GOP lawmaker who spoke on the condition of anonymity to comment frankly…

Yet in private discussions, the president has been driven much more by economic concerns, according to people involved in internal debates or briefed on them. Trump has long viewed the stock market as a barometer for his own reelection hopes, and he has been distraught at the meltdown in recent weeks. He has been inundated with calls from business leaders, wealthy supporters and conservative allies urging him to get Americans back to work and stave off further calamity, even if doing so carries health risks.

“There’s a fatalism that no matter what he does, he’s going to get blamed by half of the country,” said a former senior administration official with knowledge of Trump’s thinking. “If there is something he has some measure of control over, which is the economy, why not potentially try to take action? Yes, there will be a death toll, and he’ll get blamed one way or another, but in all likelihood, whether he gets reelected or not will depend on where the economy is and where people’s perceptions of the economy are six months from now. That’s where he is primarily focused.”