Blessed is the one whose transgression is forgiven,
whose sin is covered.
2Blessed is the man against whom the LORD counts no iniquity,
and in whose spirit there is no deceit.
3For when I kept silent, my bones wasted away
through my groaning all day long.
4For day and night your hand was heavy upon me;
my strength was dried up as by the heat of summer.
Selah5I acknowledged my sin to you,
and I did not cover my iniquity;
I said, "I will confess my transgressions to the LORD,"
and you forgave the iniquity of my sin.
Selah6Therefore let everyone who is godly
offer prayer to you at a time when you may be found;
surely in the rush of great waters,
they shall not reach him.
7You are a hiding place for me;
you preserve me from trouble;
you surround me with shouts of deliverance.
Selah8I will instruct you and teach you in the way you should go;
I will counsel you with my eye upon you.
9 Be not like a horse or a mule, without understanding,
which must be curbed with bit and bridle,
or it will not stay near you.
10 Many are the sorrows of the wicked,
but steadfast love surrounds the one who trusts in the LORD.
11 Be glad in the LORD, and rejoice, O righteous,
and shout for joy, all you upright in heart!
I was going to write some commentary on this, but some guy named Paul already did:
1What then shall we say was gained by Abraham, our forefather according to the flesh? 2For if Abraham was justified by works, he has something to boast about, but not before God. 3For what does the Scripture say? "Abraham believed God, and it was counted to him as righteousness." 4Now to the one who works, his wages are not counted as a gift but as his due. 5And to the one who does not work but believes in him who justifies the ungodly, his faith is counted as righteousness, 6just as David also speaks of the blessing of the one to whom God counts righteousness apart from works:
7 "Blessed are those whose lawless deeds are forgiven,
and whose sins are covered;
8blessed is the man against whom the Lord will not count his sin."