* CIT in deal to get bondholder help to avoid bankruptcy
* Q2 GDP likely to improve-White House
NEW YORK, July 20 (Reuters) - U.S. stock index futures rose on Monday after CIT Group Inc clinched a deal that could avoid bankruptcy, removing some uncertainty as the financial sector recovers from a deep crisis.
* CIT, the retail and small business lender, reached a deal late Sunday to receive $3 billion in rescue financing from a group of bondholders, in a plan that could allow it to avoid bankruptcy, a source close to the situation said.
* CIT shares more than doubled in premarket trading to $1.44.
* White House Budget Director Peter Orszag said Sunday that second-quarter U.S. gross domestic product data is likely to be better than first-quarter levels, showing some signs of improvement in the economy.
* S&P 500 futures rose 6.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures were up 59 points, and Nasdaq 100 futures added 9.25 points.
* Companies reporting quarterly scorecards on Monday include Texas Instruments Inc, Legg Mason Inc, M&T Bank Corp, and Hasbro Inc.
* Human Genome Sciences Inc quadrupled before the bell after the biotechnology company said its experimental drug to treat lupus was successful in a late-stage clinical trial.
* Shares of Goldman Sachs Group Inc could rise to between $175 and $200 in the next year if the investment banking firm can continue to report quarterly profits of $4 to $5 a share, Barron's reported, citing analyst predictions.
* Crude futures rose 2 percent, extending 2.5 percent gains on Friday, bolstered by a rally in Asian stocks and A fall in the dollar on hopes of a global economic recovery.
* U.S. stocks closed out their best week in four months on Friday on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co.