Rejecting a fundamental stance of congressional Republicans, global investors think the U.S. government won’t be able to substantially cut its budget deficit without raising taxes, Bloomberg reported.

A Bloomberg Global Poll of 1,263 investors, traders and analysts showed that view beat out alternative responses by nearly 2 to 1.

The poll also found that investors are also pessimistic about prospects for a deal to cut the federal deficit, and almost six out of 10 respondents doubt that President Barack Obama and Republicans will forge an agreement by the start of the new fiscal year on Oct. 1.

“I don’t think raising taxes is a particularly good idea, but it might be the only option,” said poll participant Thomas Larsen, a trader at Nordea Treasury in Copenhagen.

More than seven of 10 poll respondents are confident that Congress will increase the $14.29 trillion debt limit and fend off a default on U.S. obligations. Citing Treasury Secretary Timothy Geithner, Bloomberg said the government will run out of options for avoiding default by about Aug. 2.