Senate Minority Leader Mitch McConnell (R-Ky.) fired back, saying Obama was presenting the country with two options: “Armageddon or a tax hike.”

“Well, it’s a false choice, and he knows it,” McConnell said. “But then, the President’s a master at creating the impression of chaos as an excuse for government action. Do nothing. Fan the flames of catastrophe. Then claim the only way out is more government, in the form of higher taxes.”