In 2003, state political leaders found themselves staring at a $10 billion shortfall in the upcoming budget period. one way to close the budget gap without raising taxes was

closing of credits and deductions. Explanation: The budget gap generally occurs when there is a budget deficit, i.e., expenses are more than the revenues earned during a year. One of the reasons of the budget deficit is credits and deductions that benefit nearly everyone. Closing these credits and deductions can help the government save millions of dollar which in turn can close the budget gap without raising taxes.