The National Aeronautics and Space Administration (NASA) is an agency of the United States Government, responsible for that nation's public space program. Established on July 29, 1958 by the National Aeronautics and Space Act, its annual funding for Fiscal Year 2007 (FY2007) amounts to US$16.8 billion. NASA is widely regarded as being in the forefront of space agencies worldwide, even though much of its technology (such as the space shuttle) is not necessarily new or "high-tech".