Answer:
The National Budget is like a personal budget, in which there is a finite amount of monetary value (money) that can be spent for both needs as well as wants, through what can be known as programs (such as infrastructure plans, bailouts, funding for the military, etc.) The national budget is different from the personal budget, as it affects everybody within that nation. When a country's government overspends, the extra amount is added into what is known as a national debt, and each individual is "given" a even portion of the amount due to pay for such an amount. However, when a country defaults vs when a individual defaults, it is quite different. When a individual defaults, it can lead to individual property seizure on top of making it harder for you to loan money from entities (poor-credit score). However, when a country defaults they only have a harder time to obtain loans (poor-credit score). No property is seized.