This comes from Fox News, and is supposed to mean "fair and balanced" but usually is used as sarcastically to mean the opposite. This usage has arisen due to the right-wing slant that Fox News has.
"That fight was about as fair and balanced as Fox News."
by Kookus May 31, 2004
When the other party gets all the favor and thus the situation is biased against you.
I was almost home free with my new stereo when the police caught me and put me on trial with a fair and balanced jury.
by Mike Novak May 28, 2004
Whilst taking a shit, you go down on your lady friend while she is sitting on the sink in front or to the side of you.
I was dropping a fatty deuce while being fair and balanced with my girlfriend.
by alibabasahib June 24, 2007