Pass a law that would require the government to approve only a balanced budget that would be on time each year

The government has already spent the future of our children and grandchildren and is now working on our great grandchildren. It needs to stop now, not in ten or twenty years.
Pass a law that would require the government to approve a budget each year that would only spend the money it collects. Anything in that budget would require verifiable funding. No bill would be considered unless there was funding already established for its purpose. This funding could come from reducing foreign aid to stopping the funding of special interest projects. In addition, cut the yearly pay in half for the representatives of the House and Senate for each year a budget is not approved on time.