I hear a lot of progressive saying this, that we need to take care of the deficit etc. And quite frankly it's scares me because that would be one of the worst things that could happen.
The US is facing a depression. A balanced budget is the last thing that's needed. That would fire the economy completely from a recession into a depression straight away. Look actual wages have for the most part stagnated the last 10-15 years for most of the population. Any increase in individual wealth came basically from housing. Which also boosted consumption and thereby also the economy. Now that the bubble is collapsing (and it will collapse further) you'll automatically get less consumption and also a shrinking economy, which sort of becomes a spiral. The only way out of that is an increase in spending via government (deficit spending on new technologies etc) and consumer spending (via tax cuts for people that actually spend money, low class and low middle class).
Budget deficits are generally overrated anyway, you could have a deficit all the time and still have a drop in debt to GDP ratio as long as you're economy grows enough. The US debt as a percentage of GDP is 72.5% which isn't that big of a deal. We (Belgium) had a ratio of 140% in the 90's , now we're back to 80%. The only (small) problem the US has is that around 25% of it's debt is to foreign countries (with around 40% to Japan and China combined).
Golden! Atleast they might hear speeches written by the Bush administration:
http://www.youtube.com/watch?v=L8YwJC_nBgw