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