The real answer should be to balance the budget right now. That could happen if Congress simply refused to raise the debt ceiling.
"Balancing the budget" at this point would require tax increases that would buckle our economy and send us into an economic death-spiraling flameout. You must go after the problem and the problem is GOVERNMENT SPENDING. If you want a healthy economy, CUT TAXES and CUT government spending even more.
Government created the problem with Bush's bloated government policy. Obama injected that policy with psychotic steroids call "stimulus." Then they want to "balance the budget" by raising taxes. Nobody would have any money, we'd be in a full blown depression, and the Leftists socialist dream will be complete: economic equality for all - everybody is poor except of course the ruling elite.
First cut spending. Then cut taxes. Then cut spending more. THAT's how you recover economically and get to a balanced and RESPONSIBLE, SENSIBLE budget