'Why would it drive private insurance out of business?' he said of the proposed public option. If private insurers 'tell us that they're offering a good deal, then why is it that the government, which they say can't run anything, suddenly is going to drive them out of business? That's not logical.'" AP Article (via Yahoo!)
Well, a lot of it has to do with the fact that private insurance companies can't print money to pay their bills, and can't force non-policyholders to subsidize the people covered under their plan.
On a side note, in May, Obama estimated his plan would cost $634 billion. Despite the rosy assumptions leading to that number, on June 15, it became $1 trillion. The very next day, it went to $1.6 trillion. They've been monkeying with the numbers to make the cost appear lower, because with increasing public concern with US debt, a $1 trillion-plus commitment is politically dangerous.
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