Wiktionary
n. A (usually government) '''budget''' in which income and expenditure are equal over a set period of time.
WordNet
n. a budget is balanced when current expenditures are equal to receipts
Wikipedia
A balanced budget (particularly that of a government) refers to a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists ("the accounts balance"). More generally, it refers to a budget that has no budget deficit, but could possibly have a budget surplus. A cyclically balanced budget is a budget that is not necessarily balanced year-to-year, but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsetting over time.
Balanced budgets and the associated topic of budget deficits are a contentious point within academic economics and within politics. Most economists agree that a balanced budget decreases interest rates, increases savings and investment, shrinks trade deficits and helps the economy grow faster in the longer term.
Usage examples of "balanced budget".
Hillary backed the two measures that were most important in her husband's move to the center - the balanced budget and welfare reform.
On May 2, I announced that, at long last, I had reached a balanced budget agreement with Speaker Gingrich and Senator Lott and the congressional negotiators for both parties.
My balanced budget retreated as I approached it, assuming the attributes of a mirage.
What use would a balanced budget be if somebody set off a nuke in the middle of Midtown Manhattan?
After negotiating the balanced budget in 1997, he had come through again.