Apple has more cash on balance sheet than US government

01 Aug 2011 | 09:06
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Apple chief executive Steve Jobs holding an iPhone (photo Matt Yohe)

The delay in the US government's efforts to raise its debt ceiling now means it holds less cash on its balance sheet than tech giant Apple.

As of 27 July, the US government had a total operating balance of $73.8bn, according to figures released by the US Treasury.

Apple's financial results for the quarter ending 25 June show its own cash reserves total $75.9bn.

On Sunday evening, US president Barack Obama announced a plan to raise the debt ceiling by $2.1trn, a deal which would serve the nation's needs until into 2013, preventing the US from running out of cash altogether.

Recent weeks have seen the US eat through its reserves as the 2 August deadline to raise its debt ceiling fast approached.

On 18 July, the Federal government had $114.3bn in reserve before it bumped up against the debt limit of $14.3bn.

That had fallen to the $73.8bn mark by the middle of last week, with figures released for 28 July showing the cash balance had fallen a further $20bn to stand at $53.6bn.

Thursday's figure meant the US is now less cash-rich than another tech giant, Microsoft founder Bill Gates, who has an estimated net worth of $56bn, according to Business Insider.

Categories: Economics / Markets

Topics: TechnologyCashGovernment debt

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