U.S. to run $1.1-trillion deficit

WASHINGTON / The U.S. budget deficit will shrink this year to $1.1 trillion US, the Congressional Budget Office said Tuesday in a report sure to inflame the election-year debate over the government shortfall.

The deficit, which would be down from last year’s $1.3 trillion, will fall because of strengthening tax revenue and a slowdown in government spending, the non-partisan agency said.