In 1995, a proposed constitutional amendment that would require a balanced budget passed the U.S. House of Representatives by a wide margin and failed in the U.S. Senate by only one vote. As a result, the U.S. federal government doesn't have to run on a balanced budget by law, but a number of economists argue it should.

What are some of the arguments that economists use to claim that a balanced budget is a good idea?

What are the economic arguments presented by balanced budget opponents?