Sen. Ted Cruz (R-TX) still believes his Senate colleagues can come together and pass a bill to replace ObamaCare.

"I think there is a path to get to 'yes.' I think we're close," he said, adding that Republicans cannot fail after promising this to the American people for years.

"The voters should hold us accountable. If we fail to get this done, I think collectively as Republicans we look like fools."

His new amendment, named the Consumer Freedom amendment, is the key to passing a bill, he said this morning on "Fox & Friends."

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Cruz said the Department of Health and Human Services (HHS) concluded that the amendment would lower premiums and boost enrollment by individuals.

"[HHS] concluded that [the amendment] would expand coverage by more than 2 million people and drive down premiums by $7,000 a year. That's a lot of money for a family that's struggling," said Cruz.

He said the main issue that Americans have with ObamaCare is the rising cost of premiums and that his amendment addresses that problem.

Cruz said premiums will come down through "more competition, more options for consumers and more freedom."

He explained that his amendment would allow people to buy insurance plans which are subject to all of the ObamaCare mandates, but also allow them access to plans not "mandated by the federal government."

Watch the full interview above.

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