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Deficit to hit nearly $1.5 trillion in 2011: CBO

Deficit to hit nearly $1.5 trillion in 2011: CBO (by Robert Schroeder)

WASHINGTON (MarketWatch) -- The U.S. budget deficit will hit nearly $1.5 trillion in 2011, the Congressional Budget Office estimated Wednesday. In its budget and economic outlook for fiscal years 2011 to 2021, the CBO also said the U.S. economy will grow by 3.1% this year. Unemployment, meanwhile, will fall to 9.2% in the fourth quarter of 2011, the report said.