The sound bite "cut, cap and balance" is interesting when one looks at congressional history.
Cut is certainly appropriate, especially as it pertains to the tax loopholes powerful members of Congress have had enacted as payment to their most generous campaign contributors.
Cap is really a joke as there is no congressional history of any willingness to cap expenditures. Congress will always declare an emergency and spend however much it wants.
As for balance, one only has to go back to 1941 to see why a balanced budget amendment would not be a good idea. Had such an amendment been in place in 1941, we might now be speaking German or Japanese. To fund the war effort the federal government borrowed heavily and used the money to lend to our manufacturing base so it could produce the necessary military hardware, ammunition and other war needed equipment.
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As a side note, no one considered it socialism when the federal government loaned money to our manufacturers so they could produce the goods that allowed our servicemen and women to win a two-front war. How times and ideas have changed.