Meaning of the word cutbacks in English

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

cutbacks

US /ˈkʌt.bæks/
UK /ˈkʌt.bæks/

Plural Noun

reductions made in expenditure, especially in public expenditure

Example:
The government announced severe cutbacks in public services.
Many companies are facing budget cutbacks this year.