What are the pros and cons of the proposed balanced budget amendment?

The major benefit of such an amendment would be that it
would, presumably, help to rein in government spending.  The federal government's yearly
deficits are terribly high at this point and my interfere with the country's economic
development.

However, there are serious problems with this
amendment.  Among them are:

• It would not allow
  deficit spending for the purpose of stimulating the economy in a major economic
  downturn.  Most economists think that the government needs the capability to enact such
  fiscal policy in emergencies.


• It would raise the
  possibility of budgeting by court order.  Imagine if the Congress passed a budget that
  in some people's view did not conform to the amendment.  A lawsuit would likely ensue
  and the budget would be on hold until the courts ruled.  This could take a very long
  time, much longer than we can wait for a budget.  In the mean time, what spending would
  be allowed?  Would that be up to the courts?  If so, this would be a huge reversal of
  the traditional role of the judicial
  system.