I have 1911s in 45acp and a CZ 75b in 9mm. If I had to get rid of the best 1911 or the CZ, I would be hard pressed to make the decision.
Most of the pros and cons for both have already been listed here, leaving them about equal for different reasons. Since you're on a budget, start with the CZ just because of the cheaper ammo - you won't regret it. That being said, save up for a 1911 - you won't regret that either. LOL.
Just for the record, my Colt 1911 definitely has better fit and finish, BUT my Norinco 1911 outshoots it! I bought one of the newer Norcs that have adjustable sights and a much better trigger, plus the finish is better than the older ones.
At any rate, if you are like the rest of us, you'll never stop at just one, or two, or...…..