The document summarizes US fiscal policy from 1977 to 2007. It finds that while budget deficits increased in recent years, they remain at sustainable levels of around 3% of GDP. It also notes that the US public debt as a percentage of GDP has remained relatively low compared to other developed nations, averaging around 36.8% in 2007. Additionally, tax receipts have bounced back during the current administration's second term, with corporate tax receipts now at their highest levels since 1978. Overall, the document concludes key fiscal indicators remain healthy and have been managed responsibly in recent decades.