This article by Abba P. Lerner is central to the debate about the nature of government debt:
Lerner, A. P. 1948. “The Burden of the National Debt,” in Lloyd A. Metzler et al. (eds.), Income, Employment and Public Policy, Essays in Honour of Alvin Hanson. W. W. Norton, New York. 255–275.
I provide a summary of Lerner’s key points below:Social Democracy in the 21st Century
Lerner on “The Burden of the National Debt”