With roughly three times more income than needed to honor our Social Security and debt obligations, and with 97% of Social Security spending during the next 10 years covered by revenues already earmarked for Social Security and the remaining 3% having a legal call on general revenues, why would we ever default on either one?

FORBES: Enough Is Enough On Raising The Federal Debt Limit

So the President looks forward to an agreement on deficit reduction and to the Congress doing what it must do, which is vote to raise the debt ceiling that so that we, as the United States of America, continue to honor our obligations and pay our debts.

WHITEHOUSE: Press Briefing

The owner of the bill presents the bill, or debt instrument, to another person who has agreed to honor that bill in exchange for goods or services.

FORBES: Yes, Spanish Crisis Has Triggered the Euro's Endgame