A balanced federal budget doesn't allow for any growth in population or the economy in general and steals the resources and labor the government uses. This is not sustainable and has caused severe recessions or depressions every time it has been attempted (7) in history.

Money created by bank lending is always zero sum. It can appear to be the same as actual money creation as long as it expands sufficiently to roll over into new lending, but any slow down in GDP growth causes massive instability and defaults. Those are usually mitigated only when federal money creation restores a deficit position in government via safety nets.

Here is a chart of federal deficits and net private sector reserves as a percentage of GDP. Note where recessions and depressions (grey lines) fall in response to decreased deficit spending.

https://twitter.com/stephaniekelton/status/1102405698447642625