(CN) – The GOP’s last-ditch attempt to repeal President Barack Obama’s health care law would reduce U.S. economic activity by about $270 billion by 2027 and result in the shedding of 580,000 jobs, a ratings agency said Monday.
The S&P Global Ratings report also suggests the bill sponsored by Republican Sens. Lindsey Graham, of South Carolina, and Bill Cassidy, of Louisiana, would girdle economic growth at about 2 percent a year over the next decade — far below the four percent growth President Donald Trump vowed would support most of his legislative agenda.
The scathing analysis also says the Graham-Cassidy bill would dramatically reduce coverage level for a wide swath of those currently covered under the Affordable Care Act, including many who currently qualify for Medicaid but would no longer do so under the GOP plan.
The Graham-Cassidy repeal bill would end President Obama’s expansion of Medicaid and repeal much of the Affordable Care Act while 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.
The S&P says the bill could also cause disparity among states in terms of rules for insurance markets and uninsured levels.
Graham and Cassidy are scheduled to appear on a CNN town hall-style event Monday night to defend the bill.
As of Monday afternoon, its chances of passing were very much in doubt with Sen. John McCain, R-Ariz., and Sen. Rand Paul, R-Ky., already declaring they are voting against the bill.
Republican Maine Sen. Susan Collins also appeared to be leaning toward a no vote, while Alaska GOP Sen. Lisa Murkowski was undecided and Texas Sen. Ted Cruz was opposed but senior aides said he was looking for changes so he could vote yes. One more defection and the bill will fail.