MADISON, Wis. (AP) — A new analysis shows Democratic Gov. Tony Evers would face a nearly $2 billion shortfall heading into his second budget.

The Legislative Fiscal Bureau released an analysis Monday that shows the state would face a $1.9 billion imbalance in the general fund heading into the 2021-23 fiscal year if the state maintains all the spending commitments in current law, such as honoring tax credits for Foxconn Technology Group, and in Evers’ 2019-21 budget, including funding two-thirds of K-12 education costs and state employee raises.

The estimate is the largest projection since analysts forecast a $2.5 billion imbalance heading into the 2011-13 biennium.

The estimate doesn’t factor in revenue growth, population increases or decreases, inflation or changes Republicans may make to the 2019-21 budget this summer.