The current shortfall is particularly severe because of the large number of students and workers qualifying for the award that have recently gone back to school.

Last month, however, Mr. Babcock dismissed a question about the current shortfall.

Democratic lawmakers noted, though, that even the gloomiest projection last session did not come close to the current projected shortfall.

Democratic lawmakers say that even the most dire deficit projection made last session did not come close to the current projected shortfall.

"But the current shortfall will eradicate reserves and leave the state with a 1991 deficit approaching $1.8 billion."

Because Iraq wasn't selling its full production capacity of oil on international markets before the war, the current shortfall in production hasn't hurt all that much.

Most of the current shortfall would be carried over to next year.

The current shortfall of nurses is projected at 800,000 by the year 2020.

"Although we see signs for improvement in business conditions in the second quarter, we remain cautious due to the significance of the current shortfall."

In other words, the system's current shortfall - its assets minus its liabilities - is $10.5 trillion.