The Affordable Care Act known as Obamacare "defies the whole concept" of its intended purpose to make health insurance more affordable for more people, billionaire entrepreneur Ken Langone told CNBC on Wednesday.



"Insurance is a fairly simple," Langone said in a "Squawk Box" interview. "It's spreading risk. It's sharing risk."

"You're not going to bring 35 million more people into the pool for care and say, 'We're going to do it cheaper,'" he argued. "We're living longer. The longer we live, the more health care we need."

Langone, a Republican, added that his party should not have fought to delay the law, because only a few days after the government reopens "we find out we can't run this thing."

(Read more: Langone to GOP: Shutdown gave party 'black eye')

The GOP-controlled House Energy and Commerce Committee will hold another Obamacare hearing Wednesday with Health and Human Services Secretary Kathleen Sebelius on the hot seat over the federal exchange's website troubles and the cancellation notices going out to people who bought health insurance on their own.

President Barack Obama will also defend his health-care law Wednesday in a speech from Boston, where then-Republican Governor Mitt Romney in 2006 signed the Massachusetts health-care law.

(Read more: Governor to Obamacare critics: 'Chill out')

One of the cornerstones of trying to make health care more affordable is getting healthy young people—who will presumably use their insurance less frequently—into the pool to offset the costs of older and sick people.