The Cheney's quote on decifits has been widely misunderstood. His reference is that when he was asked of political consequences of debt he said that decifits do not matter (in a political sense). After all, it is always easier to spend money in terms of tax cuts and favoured spending priorities. Reagan's era with its massive debt increase indeed is a proof of that (guns and butter). Economical consequences are far more different (and I have no idea if Cheney actually said anything on that context).

Bottom line is that any country can have a blast by loaning money from abroad. It is the hangover when debt comes due that is the bitch...