Fall short (3)
(Other definitions for owe that I've seen before include "Have outstanding" , "Be in debt - woe is me" , "overdrawn" , "Be indebted" , "Have to thank" .)
(Other definitions for err that I've seen before include "'To . . . is human, to forgive divine'" , "Stray from the straight and narrow" , "Be incorrect" , "Go astray" , "'to... is human,to forgive divine'" .)
'fall short' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Other definitions for fail that I've seen before include "Neglect (to do something)" , "Come to naught" , "Be unsuccessful, say in exam" , "Break down" , "Flunk" .)