Semi auto .223

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Although not semi, I would recommend either a bolt action or as others have suggested a Handi Rifle in 223 or even 240

The handi rifles, while single shot, are only going to run you about $200 leaving you with an extra $100 for ammo, or better yet reloading supplies.
 
The CZ-527 Carbine is available in either .223 or 7.62x39 and has iron sights. MadOgre likes his alot (see the 11-02-07 entry). It's a bit more than $300, though, at around $550 retail.
 
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