cutback
noun [ C, usually plural ]
uk/ˈkʌtbæk/ usa reduction that is made to save money:
The company has announced cutbacks in production due to falling sales.
big/drastic/severe, etc. cutbacks The closure of the construction company could mean big cutbacks among its suppliers.
announce/propose/face, etc. cutbacks Many schools are facing cutbacks in funding this year.
budget/staff/spending, etc. cutbacks