Sen. Rand Paul said Wednesday that he could not support a draft of a healthcare bill that Republicans are working on to repeal and replace portions of Obamacare.

The announcement from the Kentucky Republican came after Republican senators announced a second draft of the healthcare bill would maintain Obamacare's 3.8 percent investment tax and 0.9 percent Medicare surtax on upper-income earners. The bill also would keep provisions that help fund the health insurance exchanges under Obamacare, which are facing troubles in light of rising premiums and insurer exits.

"I believe all the pork and insurance bailout superfund ... is not a conservative notion," Paul said.

Paul said in a call with reporters that he had received only an outline of the legislation, but that it contained similar provisions to a previous version introduced ahead of the Fourth of July recess. The proposal, he said, "does little to assuage the concerns of conservatives that it is 'Obamacare light.'" Paul has long said that he would like to see a bill that does more to repeal Obamacare, particularly by cutting spending and reducing regulations.

More centrist members of the party, however, have pushed to keep some of these measures in place as projections have showed that the number of people who are uninsured would increase by 22 million by 2026 and that insurance premiums would increase in the short-term.

Despite the divisions, Paul said he believed a consensus could be reached by paring the legislation down to particular provisions that both centrists and conservatives want and then passing separate spending measures later. He also suggested passing the same bill Republicans sent to former President Barack Obama in 2015, which would have done more to undo the law. Both President Trump and Vice President Mike Pence have said they would support that approach if Republicans cannot come to an agreement.

"The other things they want they could work with Democrats on," Paul said of centrist senators. He voiced support for the amendment proposed by fellow conservative Sens. Ted Cruz of Texas and Mike Lee of Utah, which would allow insurers to offer plans with fewer medical benefits, as long as they offer one plan that contains a full range of medical coverage required under Obamacare.

He added, however, that from what he is seeing additional funding from the federal government would subsidize sicker customers.

"That would be acknowledging that the death spiral of Obamacare would continue," he said, adding that adverse selection, in which sicker, more expensive customers tend to sign up for the exchanges, would worsen.

Paul concluded that from what he is seeing he would not be supporting the legislation.

"I don't see anything in here resembling repeal," he said. "It has to look like repeal to get my vote."