King referenced that “america has defaulted on this promissory note insofar as its citizens of color are concerned.” what is he referring to?

Martin Luther King makes reference to President Lincoln's Gettysburg Address, in which the former made it clear that it was in the nation best interests to pursue equal rights for all of the citizens of the United States, regardless of their ethnical background or culture.

King left it clear that the country was not doing enough to live up to the words of President Lincoln but was taking steps in the other direction.

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a system of cooperative federalism emerged, as the powers of the federal government expanded.