Rule 424 (b) (3)
Registration No. 333-142230
U.S. $20,000,000,000.00
National Rural Utilities CFC
VARIABLE DENOMINATION FLOATING
RATE DEMAND NOTES
Pricing Supplement No. 46 Dated April 11, 2008
TO PROSPECTUS Dated April 19, 2007
Interest Rate:	2.200% per annum
	Rates will be set daily. Eligible Investor[1] will purchase a Variable Rate Note, containing a promise from CFC to repay the note plus interest upon the receipt of a Redemption Notice from the Eligible Investor.
Period Beginning:	April 11, 2008
[1] Generally CFC members and other rural utilities which have been determined to satisfy federal and state eligibility criteria