'I owe ten grand on my credit card, the minimum payment is due tomorrow evening, and If I can't agree an extension on my current account overdraft with the bank, then I won't be able to pay the credit card bill
comparing countries to people is flawed for many reasons not least the fact they can literally print money and you cannot really bankrupt them as such.
However what would happen is the govt would stop paying wages rather than stop the debts. They do not have enough money to cover all out goings but they would view loans as essential and wages as non essential
Either way it would be a mess to put it mildly.
sooner or later either the credit card company or my bank manager are going to say 'enough' because they're worried that otherwise they'll never get their money back.
I assume you mean the banks as the credit cards?- America would still be very highly rated so it is some way from banks not lending them money though the rates may be less favourable so better to say or else i will charge you more interest
By bank manager I assume you mean Republicans who will threaten it and take it to the brink but they wont actually ever do this as they will get the sack and its MAD [ mutually assured destruction and Obama is going anyway so why would he care?]
What a strange analogy we have used given govt finances are nothing like an individual and the IMF would bale them out anyway , with draconian penalties , not that it would ever come to that.