Despite lawmakers’ efforts to close a $42 billion deficit, the state is still $8 billion in the hole, according to budget analyst Mac Taylor.

In his March 13 report, Taylor calls the spending plan—a complex combo of program cuts, new taxes and borrowing adopted by the Legislature and the Governor in February—“an impressive step,” but says the California’s dismal fiscal situation has become even worse.

“Even in the few weeks since the budget was signed, there have been a series of negative developments,” Taylor writes. “Our updated revenue forecast projects that revenues will fall short of the assumptions in the budget package by $8 billion. Moreover, a number of the adopted solutions—revenue increases and spending reductions—are of a short–term duration. Thus, without corrective actions, the state’s huge operating shortfalls will reappear in future years—growing from $12.6 billion in 2010–11 to $26 billion in 2013–14.”

Read the full report here.