Deficit to hit $1.3 trillion in 2010: CBO estimate (by Robert Schroeder)

WASHINGTON (MarketWatch) -- The U.S. budget deficit will hit $1.3 trillion in 2010, congressional budget analysts estimated Tuesday, in a fresh piece of grim news for President Barack Obama. The Congressional Budget Office's estimate assumes current laws and policies remain unchanged. Economic growth will also probably be "muted" for the next few years, the CBO said in its budget outlook for 2010.