Finally some clear figures on the debt ceiling 'crisis':

We have the $200 billion coming into the federal government every month. [....] we have $35 billion that we must use to service the debt, $50 billion that we must use to write those Social Security checks, $2.9 billion to pay for our military personnel, and then other essentials. [....]

[Obama] suggested that Social Security checks may not be written come August 2nd if that debt ceiling isn’t increased.

No. You pay for the essentials first and then the non-essentials have to get cut. They have to wait.