"I stand in opposition to this deal," he said. "This is a terrible deal."
"It does absolutely nothing to provide relief to the millions of Americans who are hurting because of Obamacare," Cruz continued.
Still, he admitted his oppsition wouldn't prevent the deal from going through. "This deal's going to pass, and it's going to pass by a big margin. No one should be surprised," he said.
He asked the Senate to "imagine a world in which Senate Republicans united to stand with House Republicans" to push through a delay Obamacare provision.
Despite the fact that the deal would pass, Cruz said he would continue the fight. "The way we are going to stop Obamacare is the path we've seen these last couple of months."
"I am today encouraged."