"But there is no basis for saying that the United States is somehow 'not a democracy, but a republic.' 'Democracy' and 'republic' aren't just words that a speaker can arbitrarily define to mean something (e.g., defining democracy as 'a form of government in which all laws are made directly by the people'). They are terms that have been given meaning by English speakers more broadly. And both today and in the Framing era, 'democracy' has been generally understood to include representative democracy as well as direct democracy."
Eugene Volokh in a 2015 Washington Post article tries to settle the issue.
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