Wasps and bumble bees often look rather similar so it is often quite difficult to tell them apart unless you have a particularly close look at the bug. There are a number of wasps that could potentially fit the description above, some of these could include:
They can be between one and two inches long in size and typically have reddish brown colored wings and orange stripes which can make them resemble bumble bees. European hornets will normally be significantly larger than the common wasp. They are known to be rather aggressive if they are provoked - urban legend states that three stings from a European hornet can kill a human and seven stings can kill a horse.
The Cicada Killer is commonly found in Midwestern states. There are 21 different species of Sphecius worldwide with various colors and patterns. The Western Cicada Killer is a prime example of the species which has a distinguished red color which could fit your description. All Cicada Killers will tend to also have a long curving stinger.
Paper wasps are typically slightly smaller than the two species above but they can still grow to between three quarters to one inch in size. Depending on the species, paper wasps can be any combination of black, brown, red and yellow. Their slender and slow shape makes them distinctive, although they are often mistaken for bumble bees. A red paper wasp is part of the Polistes annularis species and is commonplace in particular in the north-eastern states of the USA.
Doing a search engine image search for these particular species should be able to give you a better idea of whether they match the description of the insect you saw.
