The state of Illinois is facing an $8 billion budget deficit in the current fiscal year.
That's according to a report from the General Assembly's Commission on Government Forecasting and Accountability.
According to the analysis, first reported Thursday by the Associated Press, the state is set to take in $31.8 billion, while spending $39.6 billion.
"We're setting up a major disaster," Rep. David McSweeney (R-Barrington Hills), who requested the analysis, told the news organization. "A tax increase becomes a self-fulfilling prophecy because with every day that goes by, the deficit is getting worse."
Also on Thursday, Illinois Comptroller Leslie Munger said the state's backlog of unpaid bills is on track to rise from about $7.8 billion to $10 billion by the end of the calendar year.
The news follows last month's approval of a stopgap Illinois budget that will keep the state operating for six months.