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 GrahamSenate Democrat says he will 'settle' for less aggressive gun control reform 'because that will save lives' Graham emerges as go-to ally for Biden's judicial picks This Thanksgiving, skip the political food fights and talk UFOs instead MORE (S.C.) and Bill CassidyBill CassidySunday shows preview: New COVID-19 variant emerges; supply chain issues and inflation persist Legislators look to expand health care access through telehealth, biosimilars Infrastructure deal is proof that Congress can still do good, bipartisan work 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 PaulRand Paul: Chris Cuomo firing 'a small step toward CNN regaining any credibility' GOP anger with Fauci rises Congress's goal in December: Avoid shutdown and default MORE (Ky.) and John McCainJohn Sidney McCainThe bully who pulls the levers of Trump's mind never learns GOP senators appalled by 'ridiculous' House infighting MSNBC's Nicolle Wallace, Chris Christie battle over Fox News 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.