Other forms: cutbacks
A cutback is a decrease in something, usually money. A state cutback in funding for education might result in larger classes and fewer field trips.
During difficult economic times, money is scarce and cutbacks are almost inevitable. If your parents are having money troubles, there may be cutbacks in your allowance, and when state governments suffer, there are often cutbacks in aid for schools, roads, and people in need. In news reports, you'll often hear phrases like "cutbacks in defense spending" or "cutbacks in overtime pay."