The deficit in state spending on pension funds in Maryland has swollen to $17.5 billion and shows no sign of stopping its climb to the breaking point:

Pension officials said the state’s pension funds have promised to pay out $17.5 billion more than Maryland has put aside. The State Retirement and Pension System of has about $28.6 billion.

The figures were revealed at a meeting of the General Assembly’s Oversight Committee on Pensions, and could have a big effect on the state’s budgeting process next year. Maryland will likely have to ramp up its contribution to its pension funds from $1.2 billion to $1.4 billion, more bad news for budget officials already facing a deficit of more than $2 billion.

Maryland’s plight has only increased with market turmoil, as the state lost $8 billion on its investments with the recession. Lawmakers disagree on how to manage the pension gap, considering its more imminent problems.

Liabilities are spread out over 25 years and will not come due all at once, there are differences on the oversight committee about how quickly the state should catch up. Del. Melony Griffith, D-Prince George’s, who is the House chairwoman, said it’s not wise, nor is it feasible to put aside much more than what is required next year.“It’s far too early to make changes to the way that the system is funded,” she said.