Update
The End Of Life date (EOL, sunset date) for Python 2.7 has been moved five years into the future, to 2020. This decision was made to clarify the status of Python 2.7 and relieve worries for those users who cannot yet migrate to Python 3. See also PEP 466.
This declaration does not guarantee that bugfix releases will be made on a regular basis, but it should enable volunteers who want to contribute bugfixes for Python 2.7 and it should satisfy vendors who still have to support Python 2 for years to come.
There will be no Python 2.8 (see PEP 404).
Maintenance releases
Being the last of the 2.x series, 2.7 will have an extended period of maintenance. Specifically, 2.7 will receive bugfix support until January 1, 2020. After the last release, 2.7 will receive no support.