Social security has always functioned as a "put and take" program, with SS tax receipts paying for current SS benefit outlays.

If there is actual "money" in the program then why would the interruption of our ability to create new money also interrupt payments to beneficiaries? Social Security deductions are submitted every quarter by employers, so there is a "revenue" stream to draw from if you're correct in this. The Fed and Treasury have already proven that bonds can be redeemed prior to maturity with QE, so that would also be an option if it worked as you claim.

Treasury bonds represent a "promise to pay" (create new money) in the future. When the bonds are purchased the "money" is destroyed against the debt as a first-order accounting function. The only purpose the bonds serve in "funding" any function of the government is decreasing the debt.

This is a leftover from the gold standard that served to protect the gold reserve. Bonds simply have no use in any government with a sovereign fiat currency beyond offering welfare for the already wealthy investment class. The Fed could always set the interest rate on reserves wherever it wanted.

For a while the surplus tax collections (above the benefit payments) was leant to the general fund with bonds back to cover the loans, a kernel of truth that does not encompass the whole.

I used Social Security and their dedicated Treasury bonds in this example, but the concept also applies to tax collections and any federal spending. Taxes also only apply to the debt and all "current" spending is via newly created money.

The government cannot hold money and debt in its sector of accounting. They cancel each other in any version of dual entry spreadsheet accounting I know of. Money only exists in the private sector and debt only exists in the government sector. The national debt is the net money supply.