Apple Now Has More Spending Money Than USA
Latest figures from the US Treasury Department show that the country has an operating cash balance of $73.7 billion, while Apple's most recent postings show a balance of $76.4 billion.
Apple's good news comes at a critical time for the U.S.: the US House of Representatives is currently languishing over a coming vote on a bill to raise the country's debt ceiling, which will allow it to borrow more money to cover spending commitments. If the current limit of $14.3 trillion is not extended, the federal government could find itself struggling to make payments, and could possibly lose its AAA credit rating.
With such a massive reserve, speculation on what the company will do with the money is running rampant. While Apple refuses to say anything, analysts believe that the company may be saving up for strategic acquisitions of other businesses, particularly Barnes and Noble booksellers and Netflix. There are also rumors that the company may use the money to acquire patents from smaller firms to add to its devices (and use to sue competitors with) later.