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Apple Inc. Has More Cash On Hand Than The U.S. Has Spending Authority

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"Apple Inc. Has More Cash On Hand Than The U.S. Has Spending Authority"

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With a cash reserve of nearly $76 billion, Apple is the latest company to report having more available funds than the U.S. government, which has an operating balance of $73.768 billion due to the imminent exhausting of the nation’s borrowing ability. As ThinkProgress previously reported, there were 29 companies whose holdings dwarfed those of the U.S. government earlier this month. While these numbers are surprising, the U.S. balance represents the government’s spending authority before bumping up the debt ceiling limit, so it’s unlikely yet Apple will have to bail out the U.S. government anytime soon — as long as congress raises the debt ceiling.

Jen Kalaidis

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