I strongly doubt a Balanced Budget Amendment could ever be extracted from this Congress and then submitted to the ratification process. So there would have to be a call for a Constitutional Convention by two-thirds of the State legislatures before such a proposed amendment can be advanced. Plus note a Constitutional Convention cannot be restricted to just a single issue, but would be wide-open for business on any number of issues.
Now THAT could be fun! (Or really scary....) The big unanswered question is: How does one motivate two-thirds of the States to act?
The continuing financial collapse will be plenty of motivation.
The problem is that the takers have the numbers and the incentive. Anyone who receives money from the 'State', SS recipients, employees, contractors, Unions, Congress Critters, etc. will be opposed to any reform, they want the gravy train to continue indefinitely.
As financial concerns get worse, the Cap the Government movement will grow. The question becomes which happens first, the complete collapse of the economic system before the government is capped or the government is capped and the collapse is headed off. The main concern is if another revolution takes over. Revolutions generally end badly.
According to Malaclypse the Younger, society passes through five repeating stages:
Anarchy
Monarchy
Oligarchy
Democracy
Bureaucracy
Guess where we are.