A balanced budget is a budget where revenues equal expenditures during a fiscal year.
Balanced Budget Formulas
Revenues = Expenditures
Revenues - Expenditures = $0
Politicians regularly discuss balancing the budget. Unfortunately, in order to balance the budget Congress would need to stop borrowing money and then decrease spending and/or increase revenue. This would require an enormous adjustment as the U.S. borrows approximately $1 million per min.