President Obama's "Buffett Rule," which would raise taxes on upper-income Americans, would only lower the national deficit by 1 percent, according to a new congressional study by the Joint Committee on Taxation.

The rule, named after billionaire Warren Buffett, would require people making a million dollars a year or more to pay at least 30 percent in taxes.

But the committee found that it would only bring in $31 billion in 11 years -- less than 3 billion a year.

The $31 billion is just a drop in the bucket compared to $7 trillion in deficits expected during those years.

"The president's so-called Buffett rule is a dog that just won't hunt," Sen. Orrin Hatch, R-Utah, the top Republican on the Finance Committee, said in a statement.

"It was designed for no other reason than politics. There is no economic rationale for it," Hatch said.