Rule 424(b)(2)
Registration No. 333-150298

CALCULATION OF REGISTRATION FEE

Title of Each Class of	Maximum Aggregate		Amount of Registration
Securities Offered	Offering Price		Fee(1)
Senior Notes	$	925,000,000	$	36,352.50

(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933.

PRICING SUPPLEMENT NO. 1 DATED THURSDAY, MAY 01, 2008
TO PROSPECTUS DATED APRIL 17, 2008,
AS SUPPLEMENTED BY PROSPECTUS SUPPLEMENT DATED APRIL 25, 2008,
AND SUPPLEMENTAL TO THE OFFICERS’ CERTIFICATE AND COMPANY ORDER DATED APRIL 25, 2008

U.S. BANCORP
Medium-Term Notes, Series R (Senior)
Medium-Term Notes, Series S (Subordinated)

CUSIP No.:		91159HGP9		Issue Price (Dollar Amount and Percentage of Principal Amout):
Series:				Amount:			$924,454,250.00 /	99.9410	%
þ	Series R (Senior)			Proceeds to the Company:				$924,454,250.00
o	Series S (Subordinated)
				Interest Rate/Initial Interest Rate:
Form of Note:
þ	Book-Entry			Interest Payment Dates:		Quarterly, on the 6th of each August,
						November, February and May
o	Certificated
Principal Amount:			$925,000,000.00	Regular Record Date:		15 Calendar Days Prior
Trade Date:		Thursday, May 01, 2008		Interest Determination Date:			2 Business Days Prior
Original Issue Date:		Tuesday, May 06, 2008		Interest Reset Date:			Quarterly, on the 6th of each August,
						November, February and May
Maturity Date:		Thursday, May 06, 2010
Base Rate (and, if applicable,
related Interest Periods):				Index Source:		LIBOR01 (Reuters)
o	Fixed Rate Note			Index Maturity:		3 month
o	Commercial Paper Note			Spread:		0.400%
o	Federal Funds Note
þ	LIBOR Note			Spread Multiplier:
o	EURIBOR Note			Maximum Interest Rate:
o	Prime Rate Note
o	CD Rate Note			Day Count:		Act/360
o	Treasury Rate Note			Minimum Interest Rate:
o	CMT Rate Note
o	Other Base Rate			For Original Issue Discount Notes:
o	Zero Coupon Note			Original Issue Discount %:
Agent’s Commission:			$545,750.00	Yield to Maturity:
Redemption Terms:		Not Applicable		Original Issue Discount Notes:
Other Terms:
				o	Subject to special provisions set forth therein with respect to the prinipal amount thereof payable upon any redemption or acceleration of the maturity thereof.
Name of Agent and Delivery Instructions:
		Wachovia Securities		o	For Federal income tax purposes only.
		DTC# 250		Signature
				/s/ Kenneth D. Nelson
				(Authorized signature)
				/s/ Lynn D. Flagstad
				(Authorized signature)