Apple now has more cash to spend than the United States government, the latest figures from the US Treasury Department showing that the country has an operating cash balance of $73.7bn while Apple’s most recent financial results put its reserves at $76.4bn.
The US Government is trying to boost its spending power, but rather than implementing austerity measures or reducing expensive overseas meddling, it wants to raise the country’s debt ceiling.
The US House of Representatives is due to vote on a bill to raise the country’s debt ceiling, allowing it to borrow more money to cover spending commitments, but if it fails to extend the current limit of $14.3 trillion dollars, the federal government could find itself struggling to make payments and risks losing its AAA credit rating.
The United States is currently spending around $200bn more than it collects in revenue every month. Has Gordon Brown been advising them?