The government's budget process is not unique in any fundamental way. It's only different because it's political and has many different people's interests in th

The government's budget process is not unique in any fundamental way. It's only different because it's political and has many different people's interests in the matter. Otherwise it obeys the same principles as a personal budget. Nothing prevents you from over budgeting your income and borrowing to the max, and then when your income is gone and have no money left to pay your bills or creditors, to ask for an extension of credit. Your analogy is toothless, given the principles behind that scenario happens every day in the credit industry.