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The estimated shortfall of customer segregated money is roughly $1.2 billion.
But Mr. Orr's report said that estimated shortfall had been "substantially understated" through aggressive assumptions and other distortions.
California is expected to face an estimated shortfall of one million college-educated workers by 2025, according to the Public Policy Institute of California.
"I find it incredibly troubling," Mr. Levy said of the newly estimated shortfall in the $7 billion budget for five years.
Demand for specialised housing is increasing, with an estimated shortfall of up to 45,000 homes a year, even with the continuation of Cassh funding.
The Westchester County executive, Andrew J. Spano, will announce a budget today that calls for laying off 236 employees in an effort to close an estimated shortfall of more than $100 million in the county's $1.4 billion budget.
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Mr. Amann and other legislative veterans can't help but think about what happened in 1991, when the state faced estimated shortfalls of more than $1.6 billion out of an annual budget of about $8 billion.
Last year, the Connecticut Conference of Municipalities estimated the shortfall to be $868 million a year.
The Commodity Futures Trading Commission, the regulator leading the hunt for the money, has estimated the shortfall at $680 million.
The CME's executive chairman, Terrence A. Duffy, this month estimated the shortfall at $700 million to $900 million.
The city's estimated budget shortfall for the coming fiscal year is $360 million.
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