Multiple outlets are reporting that General Motors (NYSE:GM) advised the presidential auto task force that it does not need $2 billion in federal aid for the the month of March. A statement made by Ray Young, GM’s executive vice president and chief financial officer, indicated that cost reductions and spending deferrals over the last two months reduced the need for assistance this month.

The statement followed remarks regarding the ratification of Canadian Autoworkers’ agreement with GM-Canada. The new agreement is intended to bring compensation in line with autoworkers in the U.S.