"The President tries to tax, to tax our way out of debt -- placing the burden on those earning more than $100,000," Rep. Tim Scott (R-S.C.) said on the House floor Thursday morning.

"The problem, sir, is a simple one -- that if we were to tax these individuals 100 percent of their income, we still could not cover our deficit this year alone. As a matter of fact, to tax our way out of debt we would need to increase taxes across the board on every man, on every woman and every business by 60 percent. You simply cannot tax your way out of this debt," Scott said.