What is the meaning of the phrase "checks and balances"? The principle that the President must balance the power given to the other two branches.

The principle that the national government can check the power of the state governments and the state governments can limit the exercise of power by the national government.

The idea that each branch of the federal government has the same powers as the other 2 branches.

The idea that each of the three branches of government can limit the exercise of power by the other 2 branches.