The correct analogy is, you get a bank to loan you the value of your yearly income * .5, so you have 1.5x your income at your disposal.
You spend all of it, mostly on nothing of value.
Then, you say "I have a deficit!" - so you take a handgun, go to your boss and hold it to his head and tell him "I need a raise, because of you I have spent more money than I have"