Iacocca initiated several cost-cutting measures including scaling down nonproductive operations, closing down plants, stopping some employee benefits, initiating temporary layoffs, and so on. In the late 1970s, the company had a debt of approximately US$4.75 million and was in deep financial trouble. It had to ask for financial help from the U.S. government. In 1979, U.S. President Jimmy Carter signed a bill through which the U.S. government provided a US$1.5 billion federal loan to Chrysler corporation. The federal loan helped the company restructure itself.Iacocca initiated several cost-cutting measures including scaling down nonproductive operations, closing down plants, stopping some employee benefits, initiating temporary layoffs, and so on. In the late 1970s, the company had a debt of approximately US$4.75 million and was in deep financial trouble. It had to ask for financial help from the U.S. government. In 1979, U.S. President Jimmy Carter signed a bill through which the U.S. government provided a US$1.5 billion federal loan to Chrysler corporation. The federal loan helped the company restructure itself.