The deficit doesn't correlate at all well with the economy; it's a political decision primarily, so that policy wouldn't make sense from a policy/financial standpoint. Also, talk about a complicating the tax code even more....let's all argue about what numbers represent how the economy is doing.
Tax policy, and the goals it seeks to achieve (one of which is distribution of wealth and benefits, duh) should be longer term than that.
I'm for a national balanced budget amendment eventually, BTW...once we get the deficit under control. That means slashed military spending, yo.