The latest long-shot bid to undo Obamacare got a boost from Alan Greenspan, a former Federal Reserve chairman who served under presidents from both parties.

Greenspan, who held office from 1987 until 2006, said in a statement that a measure proposed by four Senate Republicans on Wednesday represents a “giant step forward” because it provides grants to states to provide health coverage.

The measure -- sponsored by Bill Cassidy of Louisiana, Lindsey Graham of South Carolina, Dean Heller of Nevada and Ron Johnson of Wisconsin -- “as best I can judge, will make health care more affordable, more accessible, and I believe it will lead to better outcomes for patients,” Greenspan said in a statement.

The legislation faces a difficult path in the Senate, as lawmakers would need to act by the end of this month to pass it with a simple majority. An earlier effort to replace Obamacare failed by one vote in July.