Meaning of the word cutback in English

What does cutback mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

cutback

US /ˈkʌt.bæk/
UK /ˈkʌt.bæk/

Noun

a reduction in something, especially in money spent

Example:
•
The company announced significant cutbacks in its budget.
•
Government cutbacks have affected public services.