Cutback (noun)

1. A reduction in the amount or level of something.
2. A reduction in the budget of a company or organization.

Origin:

Late 19th century: from cut back, past participle of the verb cut back.

Examples:

1. The company announced a cutback in its workforce.
2. The government's budget proposal includes significant cutbacks in social welfare programs.
3. The cutbacks in funding have forced the library to reduce its hours of operation.
4. The company made cutbacks in its advertising budget.
5. The department had to make cutbacks in its staff to meet the budget.