GM reportedly to pay back debt faster than expected

WASHINGTON -- General Motors will begin paying back $6.7 billion worth of U.S. government debt by the end of 2009, a person familiar with the matter told The Associated Press.

The automaker could pay off all of that portion of its aid by 2011 -- four years ahead of schedule -- the person says, speaking on condition of anonymity because the person was not authorized to speak publicly about the repayment plan.

GM received $52 billion in federal aid, including $6.7 billion in loans and $45.3 billion in aid that the government swapped for a 61 percent ownership stake in the company.

GM plans to make quarterly payments of $1 billion to the U.S. government and $200 million to the Canadian government by late 2009, the person says. GM is expected to announce the repayment plan Monday when it releases its preliminary third-quarter earnings -- its first such report since emerging from bankruptcy earlier this year.

-- The Associated Press