Somehow I missed this, but the Obama campaign is officially against balancing the budget. On November 17, 2011 the Obama campaign posted the following scare graphic that is a sample of the PDF you can download that tells you how bad a "Balanced Budget Amendment" would be.
The claim is a balanced budget is done on the backs of the middle class.
If you are middle class you do not need government help. This tactic is of course to scare the most likely voters to embrace an irresponsible government. Try to convince them that the government needs to spend money on them.
Ignore all of the class warfare rhetoric. Let us just say for a moment that the cuts that the scare graphic illustrates are true. Isn't it better to cut the programs than to have the country go bankrupt and have zero funding in the end?
Obama is betting that people are selfish and short sighted. Unfortunately, that is fairly true.