Technology giant Apple Inc. currently has $76 billion in cash while United States Treasury's cash balance fell to $74 billion this week.
The United States government, which lately has struggled to reach an agreement in raising the debt ceiling, may ask for help from Apple CEO Steve Jobs. This will not be the first time the government has asked for help from an industry leader.
The U.S. Treasury in the mid-1890s was in peril of going bankrupt as panicky investors tried to collect whatever belonged to them from the United States Treasury’s gold reserves. The U.S. President at that time, Grover Cleveland, asked for help from New York-based financier J.P. Morgan, who supplied the government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million.
At about $362 billion, Apple is the second-largest company in the world by market value and is only behind Exxon Mobil Corp., valued at $395 billion. The U.S. government, however, is set to spend more than $3.5 trillion this year, which is 10 times more than Apple’s worth, according to an NPR report.
Apple iPhone’s growth rate increased by 142 percent in the second quarter, 12 times more than the global phone market. The Cupertino giant is now worth more than the combined value of Google, which is at $199 billion, and Walmart at $187 billion.