http://www.nytimes.com/2004/05/07/business/07fed.html
In a speech that ranged from Americans' household debt to the nation's huge foreign debt, Mr. Greenspan said he was optimistic that most financial imbalances could be reduced smoothly through the effect of normal market forces.
"But that is certainly not the case for our yawning fiscal deficit," he told a conference at the Federal Reserve Bank of Chicago. "Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability because the budget deficit is not readily subject to correction by market forces."
Gee, I thought debt was a good thing for the economy. How naive of me.