The federal government forms for applying for health coverage are seen at a rally held by supporters of the Affordable Care Act, widely referred to as "Obamacare", outside the Jackson-Hinds Comprehensive Health Center in Jackson, Mississippi, U.S. on October 4, 2013. REUTERS/Jonathan Bachman/File Photo

NEW YORK (Reuters) - The repeal of the Affordable Care Act, the goal of Republicans in Washington, would cost New York state $3.7 billion and strip 2.7 million residents of health coverage, Governor Andrew Cuomo said on Wednesday.

Cuomo, a Democrat, also said counties in the state could lose nearly $600 million of federal Medicaid funding combined if the law, otherwise known as Obamacare, is repealed. New York City would lose the most, more than $433 million.

“The cost of a repeal of the Affordable Care Act, to state and local budgets and to the New Yorkers who depend on its health care coverage, is simply too high to justify,” Cuomo said.

Republicans will make their long-desired bid to scrap the law the “first order of business,” Vice President-elect Mike Pence said on Wednesday. Replacing it will evolve in the weeks and months ahead, he added.