A reduction or decrease in something, like cutting back on spending or resources.
From English 'cut' (to reduce) + 'down' (downward direction), combining into a noun form meaning reduction. The phrasal verb 'cut down' became nominalized in the 20th century.
This is a great example of how English turns action verbs into nouns—we 'cut down' trees, but also talk about 'budget cutdowns' as if the reduction itself is an object.
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