Learning Objective: This is a reading and comprehension class. At the end of the session, the participants are expected to be able to improve vocabulary and recall skills. And also to improve critical thinking and conversation skills.


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Strange but true – the technology giant Apple now officially has more money than the U.S. government, and significantly less debt. America’s Treasury Department shows that the country has an operating cash balance of $73.7 billion while Apple’s most recent financial reports show a healthier bank balance of $76.4 billion. This incredible state of affairs has resulted in CNN to joke that the U.S. government should start selling iPads to help serve the American people. Or perhaps Apple CEO Steve Jobs should become president of the USA? Another financial difference between the world’s largest economy and the hugely successful Apple is its debt ratio. The U.S. government currently spends $200 billion a month more than it receives. Conversely, Apple takes in far more than it spends.

The U.S. government is in a severe financial crisis, which is having an impact on the world’s financial markets. It is desperately trying to avoid defaulting on its debt. President Barack Obama has tried for weeks to get the opposition Republican Party to agree to raise the country’s debt ceiling. He says America must do this and borrow more money to be able to pay its way at home and around the world. The country is in grave danger of running out of money. This would mean public workers getting no salaries and the country would struggle to meet its international financial commitments. Such a situation could see the dollar crash, leading to a possible second global financial crisis in five years. Obama told the Republicans, “to step up and show the leadership that the American people expect”.

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"Online activities, the mp3 and printable handouts are available for this lesson at http://www.breakingnewsenglish.com"