That being said... was Cheney wrong? I believe his sentiment was/is repugnant, but let's ask what he meant.
Did he mean "deficits don't matter" as a matter of fiscal policy, and debt should be used to effect policy?
Or, did he mean "deficits don't matter" as a political consideration? That they could run up a deficit and not suffer political fallout for it. Shoot, maybe even gain politically.
Either one is repugnant, but if it is the latter one (political) then he wasn't necessarily wrong... in the sense that in spite of people's whining and moaning over the deficit and debt we still elect and re-elect politicians that are willing to spend us into oblivion. Especially Congress, which is where the real purse strings are anyway.