Today Apple Inc. has more cash than US government

New York: Now, Apple Inc. boss Mr. Steve Jobs is richer than US Government. While the world's most powerful government (US Government) has just 73.76 billion dollar in its reserves, the world's top technology company Apple has a neat cash pile of 75.87 billion dollar Thursday. The US Treasury Department Thursday warned that it has now only this much operating budget as Republicans and Democrats fight over raising the nation's debt ceiling. With only that much reserve at its disposal, US President Mr. Brack Obama White House has warned the Republicans that the US government won't be able to meet its obligations as of Aug 2.Facing a government default, US President Mr. Brack Obama can definitely turn to Steve Jobs to give him a very brief breathing space. The failure by the Republicans and Democrats to come to a compromise to raise the current 14.3 trillion dollar debt ceiling by Aug 2 could lead to a hike in interest rates. The already battered dollar may also plunge further.

With its market capitalization of 363.25 billion dollar, Apple Inc. is the second largest company on the planet after American oil giant Exxon Mobil. The Cupertino-based Apple started rising suddenly in 2007 when it entered the smart phone market with the launch of its first version of the iPhone.Within three years, Apple went on to overhaul Blackberry Company Research in Motion (RIM) which invented the smart phone and dominated the market. Now Apple is the number one supplier of Smartphones on planet after leaving Mobile giant Nokia and Samsung Behind.

Last year with the launch of the iPad tablet which has sold in millions, Apple got a huge success. In fact, the iPhone and the iPad have made Apple the giant of mobile computing technology as rivals play up catch-up. The stock of the company, which doesn't pay dividends, has now touched 400 dollar. After Apple, another non-financial company sitting on a huge cash reserve is Microsoft whose own worth is about 40 billion dollar.