If I had to pick one thing everyone should know about Balanced Budget Amendments in general, it's that they're all frauds -- none of them, and certainly not the half-assed one that Republicans are pushing this time around, would actually balance the budget.
If you want more...I'd recommend Bruce Bartlett and/or Stan Collender on what a scam this thing is, Robert Greeenstein for the actual likely effects if the GOP plan was enacted, which of course it won't be, and Doug Kendall and Dahlia Lithwick on the BBA and the Framers. Oh, and I talked about it in some detail a while back, when I was in a less cranky (although hardly any more forgiving) mood.
Of course, I'm not exactly a proponent of the underlying idea, anyway. But to put my cards on the table: 1. I think the idea that the federal government's budget has to be balanced over the long run is wrong; 2. I think that the idea that it should be balanced every year is wrong and somewhat nutty; 3. Even if you disagree and believe it should be balanced every year, a constitutional amendment is the wrong way to go about it; 4. This particular proposed amendment is amateurish nonsense.