I would recommend limiting how often the player uses the "slowtime" powerup by creating an instance variable that checks to see if power up is active.
when obj_balloon is animation "ID_SlowTime" is playing | (do things) and set "powerup_active" = 1
if obj_powerup on timer "slow time"
and "Powerup_active" = 0
set balloon speed to....
set bullet speed to ....
set powerup active = 0
Give it a go and see if that works