|By PR Newswire||
|September 19, 2012 12:01 AM EDT||
WASHINGTON, Sept. 19, 2012 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:
WEDNESDAY, SEPTEMBER 19: FIRST FEDERAL LOAN
Profile America — Wednesday, September 19th. With the presidential campaign in full swing, the size of the national debt and what to do about it is once again the topic of considerable political discussion — some of it heated. The first time the federal government went into debt was this week in 1789, when Treasury Secretary Alexander Hamilton arranged to borrow nearly $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 the 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 measured in trillions of dollars. You can find more facts about America from the U.S. Census Bureau, online at www.census.gov.
Sources: Chase's Calendar of Events 2012, p. 459
Profile America is produced by the Center for New Media and Promotions 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