Of course the checks keep going out, they just reach into the various lock boxes, grab some money, and send out the checks.
In actuality, despite my sarcasm, that is EXACTLY what would happen. The SSA would sell bonds to the Fed who will write the checks...those bonds that carry a 2% coupon and were placed in the trust fund when the cash was taken away. Of course that should raise interest rates but what the heck, sounds like a winner.
Don't you realize the Rats control the media? When Obama drops his pants, ABC-CBS-NBC-CNN-PBS-NYT-LAT-WaPo and others immediately kneel down into kissing position. They'll spin stories any way the totalitarian-in-chief desires.