Why are liberals scared of the Balanced Budget Amendment?

Considering that Obama is borrowing $4.5 billion each and every day, that "spending cut" of $85.5 billion will be wiped out in just 19 days and he will continue to borrow and spend the rest of the $950 billion without any restrictions. Then, we'll be in the same boat we are now, having to raise the debt ceiling yet again because Obama can't stop sending away the public treasury like a drunken Democrat.