U.S. Census Bureau Daily Feature for September 17

WASHINGTON, Sept. 17 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:

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FRIDAY, SEPTEMBER 17: U.S. TAKES OUT FIRST LOAN

Profile America — Friday, September 17th.  The growing size of the national debt and what to do about it is once again the topic of considerable political discussion — some of it very heated.  The first time the federal government went into debt was this week in 1789, when Treasury Secretary Alexander Hamilton arranged to borrow  $192,000 from the Bank of New York and the Bank of North America.  The money was needed to pay the salaries of President Washington and members of the first Congress.  The loan was paid off in less than a year.  Today, the president's salary is $400,000 a year — more than twice the first loan young America took out — and the national debt is approaching $13 trillion.  You can find these and more facts about America from the U.S. Census Bureau, online at www.census.gov.

Sources:  Chase's Calendar of Events 2010, p. 470

Statistical Abstract of the United States 2010, t. 458

Profile America is produced by the Public Information Office of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on a monthly CD or on the Internet at http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button).  

SOURCE U.S. Census Bureau