Shropshire Council is projecting to overspend by £47m by the end of the financial year.
It said the figure had "risen significantly" and followed an in-depth review of spending so far and future spending.
The projected overspend "includes some savings that have been carried over for two years and continuing pressures and increasing costs in areas including adults and children's services".
The council said it had asked for a loan from the government to help it to continue to deliver services for more than three years.