Apple has more cash on balance sheet than US government

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 Federa...