Sanity check question: Can a FAILWITH error be caused by improper (too low) values of gas_limit or storage_limit? I'm guessing the answer is "no", but I'm debugging and stranger things have certainly happened.
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The only thing that can trigger a FAILWITH error is the execution of the FAILWITH instruction. You might however get a gas exhaustion error during the interpretation of a FAILWITH instruction, this can happen for example if the value that is thrown by FAILWITH is large because it will be costly to serialize.