A balanced budget is when there is neither a budget deficit or a budget surplus – when revenues equal expenditure ("the accounts balance") – particularly by a government. More generally, it refers to when there is no deficit, but possibly a 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, notably American politics. The mainstream economic view is that having a balanced budget in every year is not desirable, with budget deficits in lean times being desirable. Most economists have also agreed that a balanced budget would decrease interest rates, increase savings and investment, shrink trade deficits and help the economy grow faster over a longer period of time.

Mainstream economics mainly advocates a cyclically balanced budget, arguing from the perspective Keynesian economics that budget deficits provide fiscal stimulus in lean times, while budget surpluses provide restraint in boom times.

Randal Howard "Rand" Paul (born January 7, 1963) is the junior United States Senator for Kentucky. He is a member of the Republican Party. A member of the Tea Party movement, he describes himself as a "constitutional conservative" and a libertarian. He is the son of Republican Congressman and 2012 Republican presidential candidate Ron Paul of Texas and had never previously held political office. Paul first received national attention in 2008 when making political speeches on behalf of his father. Rand Paul is the first United States Senator in history to serve alongside a parent in the United States House of Representatives.

A graduate of the Duke University School of Medicine, Paul has been a practicing ophthalmologist in Bowling Green, Kentucky, since 1993, and established his own clinic in December 2007. In 1994, he founded Kentucky Taxpayers United, of which he is still the chairman.

In 2010, Paul ran as the Republican candidate for the United States Senate seat being vacated by retiring Senator Jim Bunning of Kentucky and defeated Kentucky Attorney General Jack Conway. As a supporter of the Tea Party movement, Paul has been vocal in advocating for term limits, a balanced budget amendment, and the Read the Bills Act, in addition to the widespread reduction of federal spending and taxation. He has gained prominence for his independent positions on many political issues, often clashing with both Republicans and Democrats.

Thom Hartmann (born May 7, 1951) is an American radio host, author, former psychotherapist and entrepreneur, and progressive political commentator. His nationally-syndicated radio show, The Thom Hartmann Program, airs in the United States and has 2.75 million listeners a week. In 2008, 2009, and 2010, Talkers Magazine named Hartmann the tenth most important talk show host in America, and number 8 in 2011 defining him as the most important liberal host for four years in a row (the ones above Hartmann are conservatives).

Hartmann's article "Talking Back To Talk Radio" became part of the original business plan of Air America Radio. He replaced Al Franken on the network on February 19, 2007. On March 1, 2009, Hartmann moved syndication of his show from Air America to the former Jones Network, now owned by Dial Global (which also syndicates Neal Boortz, Ed Schultz, Michael Smerconish, Bill Press, Stephanie Miller, and Clark Howard). In the summer of 2009, his program began to also be offered to nonprofit stations via the Pacifica Radio network, and some community/nonprofit stations in the US are also carrying his show. The radio program is also simulcast as a TV program by Free Speech TV on Dish Network and DirecTV. Additionally, he stars in a one-hour daily TV show which his production company records at the studios of and licenses to the RT news network, The Big Picture; that TV show is also syndicated by Free Speech TV and carried on both Dish Network and local cable TV stations.