President Trump lent his support Wednesday to a new bill aimed at overhauling Obamacare.

The bill sponsored by four Republican senators would provide federal health funding to states in the form of block grants. It would cut some of Obamacare's mandates and the medical device tax, but leave in place some of its regulations and other taxes.

However, Trump stopped short of a full-throated endorsement of the bill, which is sponsored by Sens. Lindsey Graham of South Carolina, Bill Cassidy of Louisiana, Dean Heller of Nevada and Ron Johnson of Wisconsin.

"Inaction is not an option, and I sincerely hope that Senators Graham and Cassidy have found a way to address the Obamacare crisis," the statement said. "Obamacare has been a complete nightmare for the many Americans who have been devastated by its skyrocketing healthcare premiums and deductibles and canceled or shrinking plans."

The bill's co-sponsors said at a press conference Wednesday that they need support from both GOP leadership and the White House to get the bill approved by the Senate by the end of the month.

Instructions for the Senate to use reconciliation, which lets a bill be passed with only 51 votes instead of the 60 needed to break a filibuster, expire at the end of the month.