Here is an argument that shows the usual notion of "fiscal responsibility" is simply a pathway to a financial crisis: 1. You correctly define the federal deficit as outlays minus revenue. Ok, when the federal government spends a buck that sends a buck to us, to people, businesses and state & local governments. When it taxes thus producing revenue it takes a buck back to the federal government. So the federal deficit measures how the federal gov sends to us, net of taxes. It is how much the federal government invests in the private sector.2. When it balances the budget or has a surplus., the  net effect is that the federal gov takes money away from us, out of the private sector. If this continues there will be less and less money in the private sector. What I have said so far is simply arithmetic.3. Let us see what has happened, every time in the history of the USA when this has happened to a significant degree:The federal government has balanced the budget, eliminated deficits for more than three years, and paid down the debt more than 10% in just six periods since 1776, bringing in enough revenue to cover all of its spending during 1817-21, 1823-36, 1852-57, 1867-73, 1880-93, and 1920-30. The debt was paid down 29%. 100%, 59%, 27%, 57%, and 38% respectively. There was a financial crisis each time, the banking system failed, and a depression began in 1819, 1837, 1857, 1873, 1893 and 1929. This accounts for all of our depressions.(cont)

Here is an argument that shows the usual notion of "fiscal responsibility" is simply a pathway to a financial crisis: 1. You correctly define the federal deficit as outlays minus revenue. Ok, when the federal government spends a buck that sends a buck to us, to people, businesses and state & local governments. When it taxes thus producing revenue it takes a buck back to the federal government. So the federal deficit measures how the federal gov sends to us, net of taxes. It is how much the federal government invests in the private sector.2. When it balances the budget or has a surplus., the  net effect is that the federal gov takes money away from us, out of the private sector. If this continues there will be less and less money in the private sector. What I have said so far is simply arithmetic.3. Let us see what has happened, every time in the history of the USA when this has happened to a significant degree:The federal government has balanced the budget, eliminated deficits for more than three years, and paid down the debt more than 10% in just six periods since 1776, bringing in enough revenue to cover all of its spending during 1817-21, 1823-36, 1852-57, 1867-73, 1880-93, and 1920-30. The debt was paid down 29%. 100%, 59%, 27%, 57%, and 38% respectively. There was a financial crisis each time, the banking system failed, and a depression began in 1819, 1837, 1857, 1873, 1893 and 1929. This accounts for all of our depressions.(cont)

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