What is balanced budget term?

When total public-sector spending equals total government income during the same period from taxes and charges for public services.
Politicians in some countries, such as the United States, have argued that government should be required to run a balanced budget in order to have sound public finances.

A “balanced budget” means the expenditures is equal to income. There is no budgetary deficit. But sometimes, the govt may need extra funds for one reason or another, such as a very important infrastructure, and the income will not suffice for it. In this case, the govt may borrow from external sources, such as the WB, ADB, or any country that have funds to lend. The repayment is worked out such that the outflow of funds do not impair the economy.