General Motors (NYSE:GM) Drops $14.4 Billion in Loan Requests

General Motors (NYSE:GM) announced today they've dropped their request for $14.4 billion in federal loans, signifying they believe they can face the future without going into deeper debt.

Chief Financial Officer Chris Liddell said, “This decision is based on our confidence in GM’s overall progress and strong, global business performance. Withdrawing our DOE loan application is consistent with our goal to carry minimal debt on our balance sheet.”

This is a positive development on all fronts for the automaker, which had enraged millions of taxpayers after being bailed out by the government and taking on the moniker of Government Motors.

With Ford Motor (NYSE:F) not taking a bailout, GM was standing out in an obvious and negative manner as incompetent.

On the business side, this is always the preferable way of growing, and hopefully it'll be the practice of GM going forward.

GM was trading at $38.37, up $0.48, or 1.27 percent, as of 12:45 PM EST.