The problem with balancing the budget...and we do need to balance it, I think....is that no sooner than it is balanced, the slow thinkers in Congress will assume the way is clear for greatly enhanced spending once again. They should be trying to get a few things done that really need doing, but then settle down to greatly reduced spending as much as is possible.
Balancing the budget should not be viewed as a goal in of itself. The budget could be balanced at current spending with a 70% tax rate (Of course spending would still go up). The real problem is overspending. Federal spending should be cut down to actual Constitutionally mandated measures. Bring back federal responsibilities and spending to pre-FDR levels.