Hospital executives claim they face an £8m budget shortfall because estimates of the growth in Northampton's population have been inaccurate.
Northampton General Hospital chiefs are concerned they may have to cut jobs and axe low priority operations.
Northampton is part of one of the fastest growing regions in England but the NHS has not kept pace with extra funding, according to managers.
A meeting has been called this week to discuss the problem.
Steps have already been taken to reduce the debt by closing wards but managers said that if cash continues to be unavailable there may be further job cuts and longer waiting lists.