Apple has more cash in hand than the US government
29 Jul 2011
Technology bellwether Apple Inc has more cash in hand than the United States government, going by the figures released by the US Treasury department.
The US government has total operating cash balance of $73.768 billion, according to latest figures available. Against this, Apple has war chest of $75.876 billion, according to a report in the Financial Post.
This means the US Congress has nearly $74 billion cash cushion before going in for a higher "arbitrary" debt ceiling.
The news comes even as Republican and Democrat senators spar over an increased government-spending limit that would raise the federal budget debt ceiling.
Cupertino, California-based Apple saw its cash in hand rise $10 billion in just one quarter. It had cash reserves of $65.8 billion at the end of the January-March 2011 quarter. Apple, which had just $9 billion in reserves in 2005, saw it zoom to $60 billion by 2010.
Against this, technology rival Google has Google had $39.1 billion in cash reserves at the end of June.
