GM on Track to Pay Government Back

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General Motors Co. reported making $1.33 billion in the second quarter of this year, the automaker's biggest profit in six years.

The U.S. government owns 61 percent of GM since it saved the company from bankruptcy in 2009 with more than $43 billion in loans.

Experts say Thursday's earnings report is a good sign GM will soon be able to pay that money back. This is the company's second straight quarterly profit. In the first quarter, GM made $865 million.

GM also reported strong sales of the Chevrolet Equinox wagon and Buick LaCrosse sedan.

Chief Executive Officer Ed Whitacre said his mission was accomplished and announced he will step down in Sept. 1 of this year. Whitacre had said he wants the company to shed its "government motors" moniker it earned from the federal bailouts.

He said GM will soon file the paperwork needed to begin selling stock to the public.

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