(MCT) — State officials warned Thursday that Illinois stands to lose more than $1 billion if Congress and President Barack Obama cannot reach an agreement to prevent the "fiscal cliff" brought on by preset tax increases and budget cuts.

The prediction came during a hearing held by House lawmakers, where a top aide to Gov. Pat Quinn also said the administration plans to float a proposal to borrow money to help pay off more than $8 billion in overdue bills. Similar proposals pushed by Quinn have failed to gain traction in Springfield.