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Apple Now Has Larger Cash Reserve Than Federal Government

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Apple CEO Steve Jobs. (AP)

CUPERTINO (CBS News) – Considering the circus atmosphere surrounding the debt ceiling negotiations in Washington – some now call this the worst Congress ever – this news tidbit makes the current political impasse that much more pathetic: Cupertino-based Apple now has more cash on hand that the U.S. government.

After Apple’s most recent public filing, Canada’s Financial Post offered the following (sadly true) observation:

As Republicans and Democrats continue to work towards a compromise to the country’s debt ceiling crisis, the U.S. Treasury Department said on Thursday that Washington now has a total operating balance of only US$73.768-billion.

Meanwhile, Apple currently boasts a cash reserve of $75.876 billion, as of its most recent quarterly earnings report at the end of June.

All of which makes you wonder: If John Boehner and Mitch McConnell won’t give him the time of day, maybe President Obama will ring up Steve Jobs and ask for a loan.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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