As I said at the beginning, Medicaid is structured as an entitlement, i.e., the amount the government spends depends on the number of beneficiaries and the medical costs they incur, it isn't a set amount that's appropriated annually. However, the cost is split between the states and the federal government. For the original "categorically eligible" population -- children and their custodial parents, pregnant women, and dual-eligible Medicare beneficiaries, the federal government pays half the cost for the affluent states, and up to 70% for states with high poverty levels. For the "expansion" population -- everyone else up to 130% of the federal poverty level -- the federal government currently pays 90%.
The legislation that just passed the house requires $2 trillion in spending cuts, but an actual increase of $300 billion for the military and so-called border security, while providing $4.5 trillion in tax cuts, mostly for wealthy people and corporations, i.e. it would increase the federal deficit by more than $2 trillion. In case you didn't know already, Republicans do not care about deficit spending. Republican administrations always run up huge debts, which Democratic administrations are stuck with trying to pay off. That's been the patter since Reagan.
They also don't care about the people who vote for them. The only way they're going to get even close to those $2 trillion in spending cuts is by trashing Medicaid. There are a couple of ways to go about it. Obviously, they can cut the share the federal government pays, starting with the expansion population, sticking the bill with the states. So either your state taxes will go up proportionately, or those people will lose coverage. The other way, which they've wanted to do forever, is to make Medicaid a block grant rather than an entitlement. In other words, the states will get a lump sum, much lower than they get now, obviously, which again means either your state taxes go up, or people lose coverage.
Krugthulu explains what that will mean for the Trump cultists. Those low-income, rural states and areas that voted for Orange Julius will lose their medical care, their hospitals will close, there won't be any doctors to deliver their babies. What will happen to their old folks in the nursing home is difficult even to imagine. And the only reason for this is so that Elon Musk and Peter Thiel won't have to pay taxes.