He was a great king, though he spent a lot of money . . .
At least while Colbert, Louis' famous counsellor, was alive Louis' expenditures actually advanced the fiscal fortunes of France.
Colbert drove the development of French manufacturing of luxury goods. Coupled with his master's international-style-setting expenditures, sales of French luxury goods skyrocketed across Europe, bringing large sums of foreign currency into France.
It really wasn't until the wars of his later reign that the effects of Louis XIV's expenditures exerted a negative impact. This eventually reached such proportions that much of the silver funiture of Versailles was melted down to keep the army in the field. For instance, there was a famous suite of silver furniture and planters in the Hall of Mirrors that disappeared forever in the Mint's cauldrons.