"They are moving further to the left," he said on ABC's "This Week," noting that Democrats are arguing for a single-payer health care system.
Cole called this is a "big mistake."
"Medicare is going bankrupt as it is," he said.
Cole remained skeptical of Obamacare's success despite the administration's announcement Sunday that it had reached its goal to have the website working for most users.
"There's going to be some winners, there's no questions about that," he said, but added that there will also be losers. "This thing is going to be an unmitigated disaster for the President."