Apple Now Has Larger Cash Reserve Than Federal Government
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.
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