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 Graham Lindsey Olin GrahamGraham: GOP will confirm Trump's Supreme Court nominee before the election Fox's Napolitano: Supreme Court confirmation hearings will be 'World War III of political battles' Grassley, Ernst pledge to 'evaluate' Trump's Supreme Court nominee MORE (S.C.) and Bill Cassidy William (Bill) Morgan CassidyCoushatta tribe begins long road to recovery after Hurricane Laura Senators offer disaster tax relief bill Bottom line 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 Paul Randal (Rand) Howard PaulSecond GOP senator to quarantine after exposure to coronavirus GOP senator to quarantine after coronavirus exposure The Hill's Morning Report - Sponsored by National Industries for the Blind - Trump seeks to flip 'Rage' narrative; Dems block COVID-19 bill MORE (Ky.) and John McCain John Sidney McCainBiden's six best bets in 2016 Trump states Replacing Justice Ginsburg could depend on Arizona's next senator The Hill's Morning Report - Sponsored by Facebook - Washington on edge amid SCOTUS vacancy 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.