If you have a phone interview, I'd imagine that you are not coming from campus recruiting? From my experience, I scored phone interviews with the Big4 who did not recruit from my school, so my phone-interviews were a one-off from their normal recruiting. If that is similar to your case I would be concerned with getting overlooked if you reschedule. That is, the recruiter agrees to reschedule, forgets, you send a reminder, they ignore it/can't get to it lol and so on. With many managers working on public job's Q3 right now, its sometimes difficult for recruiting to find someone for you to talk to.
As mentioned, limit speaking, try home remedies (hot tea with honey works for me), could have a cup handy during the call and do your best. Maybe make a joke with the interviewer about being sick which is fine for a phone interview (not contagious over the phone) if only you didn't also lose your voice!
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