Chrysler aid bill signed by Carter
President Carter has signed the $3.5 billion Chrysler aid bll, a government-backed plan officials hope will rescue the controversial automaker from the brink of bankruptcy. The bill, which provides $1.5 billion in federal loan guarantees, was signed at an early-afternoon White House cere mony.
The measure calls for stiff cash concessions from Chrysler employees and requires the auto company to raise another $1.5 billion from private sources.
United Automobile Workers offcials say the fate of the No. 3 automaker is now in the hands of the company's hourly workers.