Gandalf the White wins. Though Balrogs vary in power a lot. If it's two average Balrogs from Angband siege era then Gandalf will stomp them without too much trouble. If it's Durin's Bane and Gothmog or other Balrogs with better feats and more established powers then Gandalf will have a hard time taking them down. But I still think he is comfortably up to the task.
Only a few Maiar like Prime Sauron, Huan, some of the top great Dragons and Ungoliant can be considered more powerful then Gandalf the White. Balrogs really are a whole tier below these guys and can not be considered a serious challenge for them.
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