Imagine If Everyday Americans Handled Debt Like House Republicans - Solidarity!

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5. depends on what you mean obligations

I see 3 kinds of obligations:

(1) Interest payment on debt: the consequences of missing coupon payments are most dire since the US would technically be in default of its sovereign debt. The household analogy would be refusing to pay the minimum balance on the credit card.

(2) Payment for services rendered. Companies do it all the time (defer payment) which is why suppliers often offer a discount for prompt cash payment (net 60). Consequences are not so dire since usually there's a penalty negotiated for late payment (often ignored). The household analogy as you pointed out is the kid who mowed your lawn and expected $20.

(3) Last would be transfer payments e.g. Social Security. The Supreme Court has already established that Social Security is not a contractual right. What Congress gives, Congress can take away. The household analogy is to stop your kid's allowance.