Paraphrasing a Politico Pro article, Michael Cannon at Cato writes:

[T]he federal government doesn’t have the money to create ObamaCare Exchanges, and the administration has no hope of getting that funding through the Republican-controlled House. So if states don’t create Exchanges, they might not exist. (And even if the federal government does create them, they won’t work.)

Read more: President’s Budget Shows Feds Can’t Create ObamaCare ‘Exchanges’ | Cato @ Liberty.

See also “Health insurance exchanges in limbo” at the Washington Post.