BREAKING: GM tells government it does not need $2 billion in March

This just in – General Motors’ chief financial officer said that the General won’t need the $2 billion loan for March that it had requested earlier in February. In an interview with The Associated Press, Young said that the Detroit automaker told President Obama’s administration that it won’t be needing the $2 billion so soon since its cost cutting measures are starting to work out.

Originally, GM had requested $2 billion in March and another $2.6 billion in April. It has already received a total of $13.4 billion in government loans and said that it needs an additional $16.6 billion to keep operating.

Young did not tell reporters when GM will need more government loans.

– By: Omar Rana

Source: MSNBC