It looks like M3 isn't used any longer just like GNP has been dropped. The 1.2 trillion amounts to 8% of GDP. For a zero inflation rate, the money supply is increased by the rate of growth of GDP. This year GDP growth is projected to be around "0".

ER poses an interesting question; Will inflation be offset by deflationary pressures of the recession?
The hope that the system will reach an equilibrium is attractive in concept, but then so is perpetual motion. (No offense, I wonder myself.)

No matter how much calculus Economists pour into their models, they rarely predict the future accurately. But they do explain the past well.
It's still early but maybe they will chime in on the possible effects of this increase in the money supply.

GDP
GDP Growth