With news that the United States Treasury could default on Monday if the Democrats and Republicans in Washington, DC don’t compromise and raise the debt limit, it has been revealed that Apple — the manufacturer of the iPod and the iPad — has more money on hand than the United States Treasury. The US Treasury currently has a balance of just under $73.8 billion in cash and securities, but when you compare that to Steve Jobs’ Apple, it has a 3% advantage on the US Government with $76.2 billion in cash and marketable securities on hand, according to June statements.
Apple may have the advantage in the short term, however. It was reported late Saturday by CNN that there is currently a deal being put together by both sides — and by two sides, we aren’t talking about Apple bailing out the US Government — that would raise the debt ceiling through the end of 2012 while saving up to $2.8 trillion over the next decade. However, like recent plans proposed by Speaker John Boehner (R) and Senate Majority Leader Harry Reid (D), it is not known if it will ultimately pass as we get closer to the eleventh hour. Boehner’s plan passed the House this past Friday before it was ultimately blocked by the Senate later that night. Reid’s plan, which was rejected by the House, will get voted on this afternoon in the Senate.
The debt ceiling is currently at roughly $14.3 trillion. If the debt ceiling is not raised, the US could struggle to pay its bills, as well as risk losing its AAA credit rating.