Proposed health-care bill may hurt US economy: S&P

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Senate Majority Leader Mitch McConnell, a Republican from Kentucky, center, speaks as Senator Lindsey Graham, a Republican from South Carolina, center left, and Senator Bill Cassidy, a Republican from Louisiana, right, listen during a news conference after a Republican policy meeting luncheon at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Sept. 19, 2017.

A report from Standard & Poor’s Global Ratings on Monday suggested that the latest proposed health-care bill could hurt the U.S. economy, states, and health insurers.

The Graham-Cassidy-Heller-Johnson (GCHJ) bill, if implemented, could led to $240 billion in lost economic activity by 2027 and impact 580,000 jobs, the report indicated.

The bill would take federal money spent on the Medicaid program for the poor and disabled, as well as subsidies to help individuals buy private insurance, and deliver it to the states in block grants.

The ratings agency also added that the GCHJ bill could cause greater disparity among states in terms of rules for the insurance markets and uninsured levels.

The GCHJ bill, which is awaiting a Senate vote on Monday, could lead to 21 million fewer Americans having health insurance.

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