U.S. Budget Deficit Put at $1.066 Trillion in 2011

The U.S. Congressional Budget Office predicted the budget deficit for fiscal year 2011 will be $1.066 trillion, revised up from an estimate of $996 billion in March.

The nonpartisan agency’s semi-annual budget report is likely to add fuel to the November midterm election debate over reducing the deficit at a time when the nation’s economic recovery may call for more stimulus. Today’s report estimated that the deficit will be 7 percent of the nation’s gross domestic product in 2011.