You Can't Spell Social Security Without IOU

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Here's the Associated Press on the financial shape of Social Security:
 
Social Security is projected to start generating surpluses again in 2012 before permanently returning to deficits in 2016 unless Congress acts again to shore up the program. Without a new fix, the $2.5 trillion in Social Security's trust funds will be exhausted in 2037. Those funds have actually been spent over the years on other government programs. They are now represented by government bonds, or IOUs, that will have to be repaid as Social Security draws down its trust fund.
 
I am happy the AP recognizes there is no money in the trust fund.  I am also pleased that the reporter seems surprised (as indicated by the word "actually") our retirement money has been spent on other programs.
 
But I would think that for most readers, this explanation of Social Security financing raises serious concerns.  
 
Here are the questions I would like to see the AP address in future reporting:
 
1) How does one "draw down" funds that have already been spent?
 
2) How will these IOUs be repaid?  In other words, when one part of the government approaches another part of the government with an IOU, what processes must occur in order to meet that obligation?
 
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