There are 3 choices in this price range I'd look at.
The first, and what I think is the best choice in this price range is the Simmons Whitetail Classic 6.5-20x50 scope they sell at Midway. It's slightly over $100 at $110 + shipping, but you can sometimes find $20 off coupons, and sometimes they have a rebate on them. I've read mostly good reviews online, have friends that have and use them on their main hunting rifles that like them, and all in all they seem to be a decent scope. I've never had one, but have looked through the ones on my friends rifles and they have pretty good glass for the price. If you ever do have problems though the warranty is the downfall here as you have to pay shipping both ways, and that's if they even fix it for you. There are a lot of horror stories of Bushnell CS out there, but I think quality wise this scope is the best choice.
The next choice would be the Vortex Crossfire 6-24x50 scope from SWFA. I've read enough reports of these failing, that I think the Simmons is a better scope. I also wouldn't trust one of these on a serious hunting rifle. That said, there are also guys that have had great luck with them. Either way, they have a great warranty and if you are just punching paper if it fails it won't be the end of the world. So, if it does break they will keep replacing it, which is the advantage to this over both the Simmons and my next choice.
My 3rd choice would be a Center Point 4-16x40 from Walmart. I've heard a lot of good things about this, as well as used one and tested it myself. I found the glass at 12-16x to be pretty lousy, but it was useable and under that was decent. For the $70 it cost I found it to be a good buy. To my surprise it tracked very well, and I never had it lose zero. I was pretty impressed for the price. I've read a few iffy things on their customer service also, but you have Walmart that will replace it for you should you have a problem.
I wouldn't put any of these on a hunting rifle I was taking on an African safari, but for paper punching on the cheap, I believe any of them will serve you well, and I think they are a lot better than most people here give them credit for. In the group of guys I hunt with, there are about 30 Simmons/Tasco's/Bushnells (mostly Simmons, but a few Bushnell Banners, and Tasco's thrown in there.) to every scope any of the guys that hunt with us has that cost over $200, and it's very rare that any of them ever have a problem. In fact, All of my hunting rifles wear quality optics, but I only know one other guy with a scope that was over $200 that hunts with us, and that is a Nikon Buckmasters that was not much over $200.