I am currently shooting a Rock Island 1911 and am wanting to get a new and better one that's not going to break the bank. Any suggestions.
You never stated what you wanted to use it for?
Target? Carry? Work? Home protection? Do you have good vision or bad vision? Do you have bad night vision? Do you have any physical infirmities? Big hands or little hands? Does you state allow for specific firearms and disallow others? Cost? American made or do you care? All steel or alloy/steel?
What you want to use it for is really the key question to answer and is a good start figuring out what's best for you.
I have big hands, so compact 1911 is a no go. I have a desire for trijicon sights for night. I prefer commander or govn't sized single stack 1911's, I find the double stack Para Ords too "thick" and heavy for my tastes and carrying something heavy in Southern Summer heat is a big factor... so I carry alloy frame 1911 to save on weight. Single safety is best for me, not dual safety.
The list can go on... its what you're comfortable with.
When I pick up a 1911, it has to rattle when I shake it, if its so tight that it doesn't rattle, I don't buy it. Sig 1911's are great target pistols, but if they get dirty, they will malfunction. Para Ord GI Expert or Springfield Armory GI Champion are great basic pistols. I've heard good things about Taurus, Kimber (I own one) and Wilson Combat. Colt is excellent and reliable too. Everyone pretty much makes a 1911 now, there's a lot of choices out there. Try many, choose wisely, and be happy you own one.