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What is a shortfall?

What is a shortfall? Here are some definitions.

Noun
  1. An instance of not meeting a quota, debt, or monthly payment on a debt or other obligation, or of having an insufficient amount to cover such obligations.
  2. The amount by which a quota, debt, or monthly payment on a debt or other obligation is missed; the difference between the actual quota or debt and the lesser amount available to pay such obligations.
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Examples
I have been warned to expect a significant shortfall on my mortgage endowment.
He went so far as to suggest that the smaller-than-expected shortfall means the population actually is rebounding.
They said another factor contributing to the patient pile-up is a staff shortfall.
The Wallacean shortfall refers primarily to the inadequacy of our knowledge of the geographical distributions of species.
Due to a severe budget shortfall, she announced last Monday that the city is eliminating curbside recycling and leaf pickup.
We have now been told by our insurer that a shortfall is likely and we were not warned at the outset.

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