Forgive me if sound like a liberal, but here goes...
We recognize that God is King alone and that we owe our allegiance to Him alone. Regardless of whether or not governments acknowledge Him, He is still sovereign. The New Testament church florished despite the fact that not only did the Roman gov't not recognoze Yahweh, but they required their citizens to worship Caesar. Because Christians refused to do this, they were severely persecuted. Paul was persecuted far more than most Christinas were, and eventually was beheaded for his faith. But it was he who wrote in Romans 13:1, "Everyone must submit himself to the governing authorities, for there is no authority except that which God has established. The authorities that exist have been established by God."
If the people of the United States don't recognize God as King, then the words "One Nation Under God" are just useless words taking up space on paper. Jesus said in Matthew 7:21, "Not everyone who says to me , 'Lord, Lord,' will enter the kingdom of God, but only he who does the will of my Father who is in heaven." Look at the church in China. Their gov't is atheist. They arrest and kill Christians. Yet there are so many people coming to Christ in that country, they're experiencing Pentecost on a daily basis. Maybe we should learn a thing or two about faith from these people.
Don't get me wrong. If they decide to eliminate God from money and pledges, it will be a dark day in America. I love my country. But my allegiance is to Yahweh the Father, Jesus Christ the Son, and the Holy Spirit, AND TO HIM ALONE.