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The U.S. Treasury has less cash on hand than Apple Inc.
Unless the debt ceiling is raised by Tuesday Aug. 2, the White House keeps reminding us, the U.S. government will no longer be able to pay its bills. But the U.S. Treasury is already running low. Its closing balance as of Wednesday, July 27, was $73.768 billion. To put that in perspective, Apple (AAPL) most recent earning statement shows that it was holding $76.156 billion in cash and marketable securities as of June 25. Since Apple takes in more money than it spends and the U.S. government does the opposite, the company by now has considerably more cash on hand than Uncle Sam. Not that Apple could bail us out. At ... (full story)
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