U.S. Treasury Secretary G. William Miller announced on May 10, 1980, that Chrysler would receive a $1.5-billion loan guarantee from the U.S. government. The federally backed loans, which still had to be approved by Congress, were expected to ensure that the carmaker would survive for another year.
For the full article, see Zlati Meyer, “U.S. offers Chrysler a $1.5B loan guarantee”, Detroit Free Press, May 6, 2012.