El Paso, Texas (CNN) Beto O'Rourke acknowledged Tuesday he is considering runs for president and the Senate in 2020 and said he plans to decide on "what it is we do next" by the end of February.

The former Texas congressman who narrowly lost to Sen. Ted Cruz last year was asked whether he is considering challenging Republican Sen. John Cornyn in 2020.

"I'm trying to figure out how I can best serve this country -- where I can do the greatest good for the United States of America," O'Rourke said. "So, yeah, I'm thinking through that and it, you know, may involve running for the presidency. It may involve something else."

His comments came after a luncheon, during which El Paso Inc. named O'Rourke the "El Pasoan of the Year." Politico reported earlier this month that he had met with Senate Minority Leader Chuck Schumer to discuss the possibility of a second Senate run.

O'Rourke had previously told Oprah Winfrey he intended to decide whether he'll run for president by the end of February. On Tuesday he said he is sticking with that timeline to decide about his political future.

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