Apple holding more cash than USA

By | July 29, 2011

Apple now has more cash to spend than the United States government.

Latest figures from the US Treasury Department show that the country has an operating cash balance of $73.7bn (£45.3bn).

Apple’s most recent financial results put its reserves at $76.4bn (£46.9bn).

The US House of Representatives is due to vote on a bill to raise the country’s debt ceiling, allowing it to borrow more money to cover spending commitments.

If it fails to extend the current limit of $14.3 trillion (£8.7tn) dollars, the federal government could find itself struggling to make payments, and risks the loss of its AAA credit rating.

The United States is currently spending around $200bn (£122bn) more than it collects in revenue every month.

Apple, on the other hand, is making money hand over fist, according to its financial results. …

via BBC News – Apple holding more cash than USA.

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