The correct answer to this open question is the following.
The several ways that personal and government budgeting are similar in the following way.
Both budgets are necessary to project the series of expenses needed to make in the short, medium, and long-term. Both, the government and the personal government clearly establish how much money you have to spend when you need to spend it, the limit of money to be spent in a certain period of time, and the concept of the expenditure.
One important way they are different is the large numbers of each budget. A personal budget is about our income and how to spend it correctly so we do don create personal financial problems. On the other hand, the budget of the government is about trillions of dollars. Large sums of money have to be destined to all the important departments of the federal government, the states, and social programs.
If the federal government does not follow strict rules and parameters to respect the budget, in the end, it has to loan money which will generate more debt.
