Toomey said that Obama wants to increase the debt ceiling only to increase spending — something Congressional Republicans say they are trying to get under control.

"Past spending has already been funded through a combination of taxes collected and previously issued debt. The president is calling for an increase in the debt ceiling in order to issue new debt, which will pay for future spending,” Toomey said in a statement Monday. “It is precisely this future spending which must be brought under control.”

Republicans have said that they will use the debt ceiling increase, which is expected as soon as next month, in order to get Democrats to agree to major spending cuts. Democrats have said they’d like to see a balance between increased revenue and spending cuts in order to reduce the deficit.

"After all the middle-class tax hikes in ObamaCare and the tax increases he received at the end of last year, the president now wants still higher taxes to pay for even more spending,” Toomey said. “This must not happen. The more we tax and spend, the more we diminish incentives to work, save and invest, and the weaker our economy will be. Now is the time to focus on the real fiscal problem: overspending in Washington.”

After Obama’s remarks Monday, Sen. David VitterDavid VitterQuestions loom over Franken ethics probe You're fired! Why it's time to ditch the Fed's community banker seat Overnight Energy: Trump set to propose sharp cuts to EPA, energy spending MORE (R-La.) called on his colleagues to support a measure introduced by Toomey last year, the Full Faith and Credit Act, which would have required the Treasury Department to prioritize payments on the debt in case the debt ceiling is not raised.

“If you have a family member about to max out a credit card, you don’t figure out how to increase the limit; you work to reduce the amount of spending,” Vitter said in a statement Monday. “And while we work on building consensus around making these tough cuts and rolling back the excessive spending everyone agrees we have, Congress can defuse the administration’s sky-is-falling rhetoric by passing something like the Full Faith and Credit Act, which would allow us to focus on serious efforts to tackle the debt and balance the budget.”