The Republican-proposed American Health Care Act to replace Obamacare will lower the US federal deficits by $337 billion over the next decade, the Congressional Budget Office (CBO) stated in a cost estimate report.

WASHINGTON (Sputnik) — Of that number, there will be $323 billion in on-budget savings and $13 billion in off-budget savings, according to the report.

"CBO and [Joint Committee on Taxation] estimate that enacting the legislation would reduce federal deficits by $337 billion over the 2017-2026 period," the report said on Monday.

The largest savings will be achieved from reductions in outlays of Medicaid and removal of subsidies for non-group health insurance.

The report also projected that “14 million more people would be uninsured under the legislation than under current law.”

US Health and Human Services Secretary Tom Price told reporters on Monday that the Congressional Budget Office (CBO) did not consider any of the other reforms that will accompany the main effort to repeal and replace Obamacare while putting together the report on the Republican's plan for healthcare.

"Apparently what the CBO looked at was simply the bill that's pending before Congress," Price stated. "It didn't look at the regulatory reforms that we're going to put into place… and it didn't look at all the pieces of legislation that are also pending."

US House of Representatives Speaker Paul Ryan said after the report was published that creating a new health care system will give more Americans access to health care while reducing the federal budget deficit.

"This report confirms that the American Health Care Act will lower premiums and improve access to quality, affordable care," Ryan stated on Monday. "CBO also finds that this legislation will provide massive tax relief, dramatically reduce the deficit, and make the most fundamental entitlement reform in more than a generation."

President Donald Trump has repeatedly pledged to roll back Obamacare, a healthcare policy he has characterized as being disastrous for users and the economy.

Trump and Congressional Republicans have said Obamacare is unsustainable in the long run as it imposed too heavy financial burdens on individuals and businesses while concurrently reducing the number of healthcare insurers, providers and choices.