I started to say that such an amendment should require that all tax hikes have to be approved by a popular referendum, but California tried that, and the crooks in the legislature renamed taxes as "fees." (Note that the Obama regime uses the word "taxes" only when it's convenient, as in states suing Obamacare).
Bearing that in mind, you would have to be very careful how you define "balanced budget."
There is NO one that we can elect that can be trusted to not to call everything an emergency and run up debts for political purposes, or just hit us with taxes.
Speaking of "emergencies"
Republican Bob Ehrlich got the MD governorship in 2002 promising not to sign tax increases but then ran into political problems as the democrat houses sent him spending bill after spending bill, then he announced that increasing all types of fees and property taxes was not really raising taxes. He passed a water bill fee increase that also applied to those that get water from their own wells, basically in republican areas. Come re-election year 2006 the liberal Sun pointed out to voters how he raised all these taxes after promising not to, after the sun itself had been critical of him opposing raising taxes. The Sun had repeatly called for him to raise taxes. He lost the issue, liberal O Malley won and he immediately raised our taxes.
My idea of balanced budget means everything is part of the budget, even stuff Republican like. If there is an REAL emergency they can sell some land.
While I lean towards a balanced budget amendment quite favorably, even that can be used to job us if the Military is then going to be sliced and diced to keep budgets balanced.
The Left would be thrilled to slash that budget.