Apple is richer than US government

Maker of popular smartphone and tablet, Apple Inc, is more cash-rich that the US government.

In its latest earnings announcement, Apple said that its cash holdings has gone past US$76 billion, a large part of which came from sales of the iPad and iPhone.

The US government, on the other hand, has US$73.7 billion in cash reserves.

Meanwhile, Congress and Republicans are still in a deadlock over the US debt ceiling as the Aug 2 deadline to raise it nears.

Treasury Secretary Tim Geithner told Congress he would have to suspend investments in federal retirement funds until Aug 2 to allow the government more room to continue borrowing in the debt markets.