The estimated shortfall of customer segregated money is roughly $1.2 billion.
"I find it incredibly troubling," Mr. Levy said of the newly estimated shortfall in the $7 billion budget for five years.
But Mr. Orr's report said that estimated shortfall had been "substantially understated" through aggressive assumptions and other distortions.
To make up an estimated shortfall of more than $100 million, Mr. Spano proposed a raft of cuts, including the elimination of 319 jobs, of which 236 are currently filled.
At G.M., the estimated shortfall was $20 billion as of last November, but the government would assume $4 billion of obligations and G.M.'s workers would lose the rest.
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.
The credit crunch adds an additional squeeze, thanks to an estimated shortfall of $100 billion in trade finance, which lubricates 90% of world trade.Just as striking as the speed of the downturn in trade is its indiscriminate nature.
But in a somber briefing to legislators on Tuesday, the state's budget director, Benjamin Barnes, warning of "extraordinarily difficult decisions to reduce spending," said Connecticut also faced an estimated shortfall of $1.1 billion in 2013-14 that would have to be addressed, beginning next year.
In the Middle East and North Africa region as a whole, a recent study by the International Finance Corp. and McKinsey put the number of formally established small and midsize businesses at up to 2.3 million, with an estimated shortfall in their financing needs of about $140 billion.
