Apple has more cash than U.S. govt.

July 31, 2011 - 0:0

Figures from the U.S. Treasury Department have indicated that Apple Inc. has more cash to spend than the government of the United States.

The latest report of the United States Treasury on cash and debt operations put the country's cash balance at $73.7 billion, but Apple's reserves are currently $76.4 billion, the state-run BBC reported on Friday.
The United States is currently spending around $200 billion more than it collects in revenue every month.
However, Apple's market is growing at a tremendous rate. For example, in the three-month period ending on June 25, its net income was 125 percent higher than the same period in the previous year.
The U.S. debt ceiling is currently capped at $14.3 trillion, up from $10.6 trillion when President Barack Obama took office in 2009, and the administration says that if it is not elevated by August 2, the government will default on its obligations.
But, economists say that if the United States refuses to increase its debt limit, it could be devastating for the U.S. and other economies around the world.
Although U.S. lawmakers are engaged in heated arguments on whether to cut spending for public services, such as education and elderly healthcare, increase taxes, or raise the borrowing level, they continue to authorize the U.S. government to spend tens of billions of dollars for military interventions in other countries.
(Source: Press TV)
Photo: U.S. President Barack Obama (L) and Apple CEO Steve Jobs (R)