Apple Inc. (Nasdaq: AAPL) has more cash than the government of the Unites States.
According to the tech giant’s most recent financial results, Steve Jobs and his company have about $76.4-billion in cash in reserves. By comparison, data from U.S. Treasury Department indicate that the federal government country currently has an operating cash balance of $73.7-billion.
Meanwhile, the U.S. Congress will vote on a proposal to increase the government’s debt ceiling – currently at $14.3-trillion -- which would allow it to borrow more money to satisfy spending plans.
There is much anxiety that if the government fails to do so, the government would be at risk of losing its blue-chip AAA rating.
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.
As for Apple, it keeps raking in mountains of cash from sales of its wildly popular products, including iPads and iPhones.
It is holding more money is reserve that any other US corporation – speculation is that it will have to redeploy this cash into some aggressive acquisitions.
On the other hands, many US companies may be holding onto their cash positions as long as possible until they see some definite signs that the economy is actually rebounding.