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U.S. budget deficit $1.28 trillion in 2011: CBO

U.S. budget deficit $1.28 trillion in 2011: CBO (by Robert Schroeder)

WASHINGTON (MarketWatch) -- The U.S. budget deficit will be $1.28 trillion in 2011, the Congressional Budget Office estimated on Wednesday. In an update on the budget and the economy, the CBO also projected that the economy would grow at "a modest pace" through 2013, and that the U.S. jobless rate would stay above 8% through 2013.