Longman Dictionary of Contemporary English homepage

cutback

 noun
     
cut‧back [countable usually plural]
a reduction in something, such as the number of workers in a company or the amount of money a government or company spends:
The shortage of teachers was blamed on government cutbacks.
cutback in
cutbacks in funding for libraries
A fall in donations has forced the charity to make cutbacks.
sharp/drastic/severe cutback
sharp cutbacks in the military budget
Definition from the Longman Dictionary of Contemporary English
Advanced Learner's Dictionary.

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