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All state agencies have already cut their budgets by 5 percent, and some are looking to cut more. To compound the problem, the latest numbers from the State Comptroller's Office show more money will need to be made up immediately as state lawmakers convene in January.

According to the comptroller's latest documents, the Legislature also faces a $1.3 billion deficit in general revenue at the end of the current cycle, something that will require more immediate action.

The new numbers reflect a big change from the past. At this time last year, the comptroller's estimate looked pretty good.

"The budget will dominate the session and the cuts will dominate the session," Oliveira said.

Since the news is not necessarily a big surprise, lawmakers have already hammered out how they're going to fix a potential $18-billion budget shortfall for the next budget cycle.

Oliveira said making up that current deficit will be first up in January for legislators, whether it's through emergency supplemental appropriations or making more cuts.

"If we're not going to raise taxes, then we're going to make significant cuts in state government. Cuts that to me are going to be very painful and hurt a lot of middle class and poor Texans," Oliveira said.

If legislators can get a two-thirds vote, they could potentially tap into the $8.2 billion rainy day fund. Some say it's the kind of “rainy day” scenario that warrants access to the fund.

Still, even tapping into the fund leaves $10 billion to make up for and nothing for the following biennium.

"Given what we're being told for the next projections for the next 29 to 30 months, it's almost unimaginable not making more cuts," Rep. Mark Strama, D-Austin, said.

After talking up sales tax free weekend at the Capitol Tuesday morning, Strama told reporters the holiday brings in revenue to Texas and shouldn't be cut because the state faces a budget crisis.

"There's never been a time when Texas families are scraping and saving as much as they are right now," he said.

The last time legislators started off a session in the red was 2003.

Gov. Rick Perry has said the $18-billion shortfall projection is premature, and continues to tout Texas' economic strength throughout his reelection campaign.