Two-thirds of Americans very concerned about potential debt limit breach

Two-thirds of Americans say they are very concerned about a potential breach of the debt limit that would send the country into default, according to a new poll. 

An Associated Press-NORC Center for Public Affairs Research poll released Friday showed few people reported paying close attention to the federal debt ceiling, but most want it to be raised with a condition of reducing the federal deficit. 

Pollsters found 66 percent of respondents said they are extremely or very concerned about the effect of a default on the national economy, including 71 percent of Democrats and 64 percent of Republicans. 

More than 60 percent said the debt ceiling should be raised along with an agreement to cut the deficit, while 19 percent said it should be raised without any conditions, including a third of Democrats. 

More than seven in 10 Republicans and more than half of Democrats said the ceiling should be raised along with the deficit reductions. 

Only 16 percent of respondents said the debt ceiling should not be raised, including a fifth of Republicans. 

About one in five said they are following the debate over the limit closely and that they understand the debate extremely or very well. About 40 percent said they are following it somewhat closely and that they understand it somewhat well. 

The results come as the clock is ticking on lawmakers reaching a deal to raise the debt limit. The Treasury Department has said the U.S. could default on its debts as soon as June 1 if the ceiling is not increased. 

Republicans have demanded sharp federal spending cuts to be tied to a bill to raise the limit, while President Biden and Democrats have sought to limit the cuts. Biden has previously pushed for a clean bill to raise the ceiling by itself. 

Debt talks briefly broke down on Friday as negotiators for the two sides reached an obstacle, with Republicans accusing the White House of being “unreasonable.” They resumed on Friday evening for the sides to discuss “where things need to be.” 

House Speaker Kevin McCarthy (R-Calif.) has said a framework of a deal needs to be agreed upon by this weekend for the House and Senate to have enough time to pass a bill. 

Biden said at the Group of Seven (G-7) summit on Saturday that he believes the U.S. will avoid a default. 

The poll was conducted from May 11 to 15 among 1,680 U.S. adults. The margin of error was 3.4 points.