It's what we like to hear around here...Good News. GM the troubled auto maker says it has more cash on hand than expected and no longer needs a $2 billion government loan this month.
CNNMoney.com reported today that General Motors announced Thursday that cost cutting efforts had improved its cash position enough to allow it to get by without $2 billion in additional federal loans later this month.
GM, which has already received $13.4 billion in government loans, is not trimming its request for up to $16.6 billion in additional Federal help through 2011, however.
But GM chief financial officer Ray Young said in a statement that "the $2 billion of funding previously requested for March would not be needed at this time."
The company also announced that members of the Canadian Auto Workers union have ratified a contract to cover hourly workers at its plants there. GM did not have an estimate for how much money that will save the company.
This has been a good day. Banks are paying back their TARP funds, GM says it doesn't need the money, and retail sales are up. Let's keep this going. Good News=Good economy.
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