S&P: Graham-Cassidy bill would cost 580K jobs

S&P: Graham-Cassidy bill would cost 580K jobs
© Greg Nash

The latest ObamaCare repeal bill would hurt the economy and reduce coverage levels, according to a new report released Monday. 

The S&P Global Ratings report found that the bill, sponsored by GOP Sens. Lindsey GrahamLindsey Olin GrahamKelly lobbied Republicans to rebuke Trump after Putin press conference: report Senate weighs new Russia response amid Trump backlash Trump stuns the world at Putin summit MORE (S.C.) and Bill CassidyWilliam (Bill) Morgan CassidyGOP senators introduce resolution endorsing ICE Lawmakers pitch dueling plans for paid family leave New push to break deadlock on paid family leave MORE (La.), would reduce coverage levels among those making between 133 percent and 400 percent of the federal poverty line, or between $16,040 and $48,240 for an individual. 

Some eligible for the traditional Medicaid program may also lose coverage, S&P says.

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The ratings agency also found the bill could cost about 580,000 jobs and $240 billion in lost economic activity by 2027 while limiting the gross domestic product growth to about 2 percent a year over the next decade. 

The bill would end ObamaCare’s expansion of Medicaid and repeal much of the law, replacing it with block-grant funding for states. Some states, typically those that didn’t expand Medicaid, would get more funding, while others would get less. 

S&P said this increased flexibility comes with "fewer federal dollars, creating increased fiscal and operational burdens on the states." 

The bill could also cause disparity among states in terms of rules for insurance markets and uninsured levels, the report says. 

The Graham-Cassidy repeal bill faces a very narrow path. Republican Sens. Rand PaulRandal (Rand) Howard PaulThe Nation editor: Reaction by most of the media to Trump-Putin press conference 'is like mob violence' Lewandowski: Trump-Putin meeting advances goal of world peace Rand Paul to travel to Russia after downplaying election meddling MORE (Ky.) and John McCainJohn Sidney McCainPence, Pompeo urged Trump to clarify Russia remarks: report GOP lawmaker renews call for Trump to release tax returns after Putin summit House conservatives criticize media, not Trump, for Putin furor MORE (Ariz.) have already come out against it. A third GOP "no" vote would sink the legislation.

Cassidy, a medical doctor, and Graham are set to defend their bill during a CNN town hall-style event on Monday night.