The last time we had a balanced budget was under the Clinton administration, after a period of robust economic growth with a reasonable tax structure. Why was that so bad?
We knew when we passed the "Bush Tax Cuts" that they would blow a huge hole in the budget. That's why they were never meant to be permanent - the numbers just didn't work out.
Republicans say all the tax cuts must be preserved. So now the Democrats are supposed to "negotiate" to keep the cuts for the richest 1% (who are doing quite well, thank you very much), in order to keep the cuts for the rest of us (who aren't doing well at all)?
Just say NO. The cuts were a bad idea 10 years ago, and they're a bad idea now. It will go against one of Obama's promises, but it's a step in the direction of fiscal prudence. Isn't that one of the messages of this last election?
This unhealthy tax policy will expire on its own, so the ball is in the Republican's court. We don't have to compromise with them.