Budget events holding pay back (3,4)
I believe the answer is:
get even
'pay back' is the definition.
The definition and answer can be both related to competing as well as being verbs in their base form.
Perhaps you can see an association between them that I can't see?
'budget events holding' is the wordplay.
'holding' indicates the answer is hidden within the clue.
'GET EVEN' is hidden in the letters of 'budget events'.
Can you help me to learn more?
(Other definitions for get even that I've seen before include "avoid an odd outcome?" , "Exact revenge" , "Take revenge" , "Be avenged" , "settle the score" .)