Given our understanding of physics, we can conclude that once the balloon is pushed under the surface, it will sink.
One key factor to take into account here is to remember that the density of a ballon can change when exposed to a higher pressure. This is due to the elastic nature of the material that makes up the ballon, and the nature of gas atoms that allow them to be compressed.
Therefore, when the balloon is pushed underwater, the surrounding water will squeeze the balloon, thus incrementing its density. Once the density of the balloon rises, this, in addition to the weight to which it is attached, will make it heavier than the water it is in, and the balloon will sink.
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