Right now the US fulfills the three essential conditions for monetary sovereignty: 1) it issues its own non-convertible currency, 2) which it allows to float on international currency markets; and 3) it owes no debts in any currency other than dollars. Because it is monetarily sovereign, and can always meet its obligations the US can never be forced into insolvency.
It can become insolvent due to Congressional decisions such as failing to raise or repeal the debt ceiling, or Executive decisions such as failing to use its platinum coin minting authority to fill the public purse and then pay its bills once it has reached the debt ceiling. But again, it cannot be forced into solvency by external financial or economic factors that are beyond the control of the Federal Government (including the Congress). Read more about How Can Our Senators and Representatives Vote for Giving Away Our Monetary Sovereignty?
During a recent Amy Goodman interview of Lori Wallach, director of Public Citizen's Global Trade Watch, on her Democracy Now show, Wallach neatly summarized the problems of progressives with the TPP:
Well, fast-tracking the TPP would make it easier to offshore our jobs and would put downward pressure, enormous downward pressure, on Americans' wages, because it would throw American workers into competition with workers in Vietnam who are paid less than 60 cents an hour and have no labor rights to organize, to better their situation. Plus, the TPP would empower another 25,000 foreign corporations to use the investor state tribunals, the corporate tribunals, to attack our laws. And then there would be another 25,000 U.S. corporations in the other TPP countries who could use investor state to attack their environmental and health and labor and safety laws. And if all that weren't enough, Big Pharma would get new monopoly patent rights that would jack up medicine prices, cutting off affordable access. And there's rollback of financial regulations put in place after the global financial crisis. And there's a ban on "Buy Local," "buy domestic" policies. And it would undermine the policy space that we have to deal with the climate crisis—energy policies are covered. Basically, almost any progressive policy or goal would be undermined, rolled back. Plus, we would see more offshoring of jobs and more downward pressure on wages. So the big battle is over fast track, the process. And right now, thanks to a lot of pushback by activists across the country, actually, they don't have a majority to pass it. But there's an enormous push to change that, and that's basically where we all come in.