Apple holding more cash than USA

Apple now has more cash to spend than the United States government.

Current figure from the US Treasury Department show that the country has an operating cash balance of $73.7bn (£45.3bn).

Apple's current financial results put its reserves at $76.4bn.

The US House of Representatives is due to vote on a bill to raise the country's debt ceiling, allowing US government to borrow more money to cover spending commitments.

If US government fails to extend the current limit of $14.3 trillion dollars, the US government could find itself struggling to make payments, and risks the loss of its AAA credit rating.

The United States is recent spending around $200bn more than it collects in revenue every month.

Apple, on the other hand, is making money hand over fist, according to its financial results.

In the three months ending 25 June, net income was 125% higher than a year earlier at $7.31bn.