Sen. Cruz Issues Statement on Opposing Insurer Bailout of Obamacare

HOUSTON, Sept. 29 -- The office of Sen. Ted Cruz, R-Texas, issued the following statement vowing to oppose the proposed insurer bailout of Obamacare:

"It would be a serious mistake to bail out insurance companies, rather than provide relief to the millions of Americans who are hurting under Obamacare.

"This week we came up short in securing the votes necessary on one approach to repealing and replacing Obamacare. But we're not finished. We must continue working.

"After several conversations this week, I am increasingly confident that we need to narrow our approach to focus on consensus policies that lower costs and expand consumer freedom. There is a path to yes.

"The American people did not send us here to bail out insurance companies. They sent us here to repeal and replace Obamacare. Failure is not an option."