What are some of the arguments for and against a requirement that the federal government budget be balanced every year?

Some arguments for a balanced federal government budget every year include: 1. Reducing national debt: A balanced budget prevents the government from spending more than its revenue, which can prevent the accumulation of more debt, leading to a more stable economic environment and reduced future burden on generations through increased taxes or reduced services. 2. Increased fiscal discipline: A balanced budget requirement encourages the government to make tougher choices about resource allocation, possibly leading to more efficient and effective spending and providing better value for taxpayers. Arguments against a balanced federal government budget every year include: 1. Constraining response to economic shocks: A balanced budget requirement could limit the government's ability to increase spending in times of recession, potentially resulting in longer or more severe downturns. 2. Cuts to government programs and services: Balancing the budget may lead to harmful cuts in essential services like education, healthcare, and social welfare programs, disproportionately impacting lower-income individuals and families who rely on these services the most.