AP reports GM does not need March bailout money

The Associated Press has reported that General Motors will not need the $2 billion loan installment for March that it requested from the U.S. government in February.

According to the AP, GM CFO Ray Young said in an interview today that the company has told the Obama administration it won't need the money so soon because its cost cuts are starting to take hold.

Last month, GM had requested an additional $16.6 billion—on top of the $13.4 billion it received from the government earlier this year—to keep operating, including $2 billion in March and $2.6 billion in April.