As a lawyer, I can tell you that the Parliament of Canada is sovereign and that, should it adopt clause 79, once the bill receives royal assent, the Federal Balanced Budget Act will no longer have the force of law and will even be deemed never to have had it.
I understand your discomfort. However, as soon as the bill receives royal assent, any violation of the Federal Balanced Budget Act committed while the legislation was in force will be deemed never to have been committed.