The last three times there was a balanced budget, and in fact the Fed gov't took in more than it spent were the last 3 years of Clinton's administration. Because of the success of his economic policies and that those policies had begun to reduce the Federal deficit,
the next administration decided that taxes should be dramatically reduced, promising of course that tax cuts paid for themselves. The Heritage Foundation, an influential conservative think tank, predicted that the Bush tax cuts would eliminate the National Debt by 2010. Instead the National Debt doubled. The tax cuts were not the only factor but were a significant factor.
This failure of tax cuts to pay for themselves was a repeat of the failure of the tax cuts enacted in the early1980's to pay for themselves. The failure was recognized by the enactment of tax increases by Reagan in 82, 83, 84 and 87 and by HW Bush in 90 and finally by Clinton in 93. While tax policy is just a small part of the overall economic health of the country, it is a large part of the federal deficit and debt.
In 2017 the present administration passed another significant tax cut, promising it would stimulate the economy thus producing
increased tax revenue and reduce the deficit.
Now whether we need to be worried about debt and deficit is controversial. Some would argue that in this period of very low interest rates, it would be an excellent time for the Federal gov't to borrow to invest in our infrastructure.. roads, bridges, etc. Better to borrow the money needed at a low rate as it certainly is going to be needed to be borrowed and the work done.
Some might instead say.. let us raise taxes and use that increase to repair our decayed infrastructure. Pay as we go. We need about 2 trillion dollars!