It is impossible to have a balanced budget without almost doubling taxes or completely cutting Medicare, Medicaid, Social Security payments, or military spending. By 2030, mandatory spending (Social Security, Medicare, Medicaid, and natural disaster spending) will be larger than our incoming revenue.
Below is a the breakdown of the 2010 budget:
This also means that Obama's "budget freeze" will have very little impact if any. It will be a "its not as bad as it could be" temporary "solution". This also means that Obama has very little control over a balanced budget without going into politically suicidal territories.