It really isn't so hard to balance the budget, Canada did it 30 years ago in much worse fiscal straights (ironically, the legacy of Mr. Trudeau the Greater (as opposed to Mr. T the Lesser)). All you need to do to finesse political opposition is to suppress the growth of spending below the rate of growth of revenues. Inflationary times help. If spending grows a nominal 2-3% but inflation and growth push revenues up 6-7%, things come in line pretty quickly.
This deal is the baby of the separation of powers in the Constitution. The parties had to know the recent election meant that everyone had to put some water in their wine.
Congrats to our southern friends! (lol, assuming it actually gets done).