Most voters agree that if Congress and the president don’t raise the federal debt ceiling it will be bad for the economy but think major cuts in government spending should be part of any deal to raise that ceiling.

The latest Rasmussen Reports national telephone survey finds that just 15% of Likely U.S. Voters think there will be no economic impact if the federal government’s $16.7 trillion debt ceiling is not raised. Sixty-two percent (62%) believe it will be bad for the economy if the government defaults on its debt. Twelve percent (12%) say it will be good for the economy. (To see survey question wording, click here.)

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The survey of 1,000 Likely Voters was conducted on October 8-9, 2013 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.