The Collaborative International Dictionary of English v.0.48:

cutback \cutback\ n.
   1. a reduction in quantity or rate; a reduction in the amount
      of an activity or the funding for an activity; as,
      cutbacks in government research funding increased
      unemployment among scientists; the recession caused a
      cutback in auto production.
      [WordNet 1.5 +PJC]

   2. a return to an earlier scene or story line in a novel,
      movie, etc.
      [PJC]

   3. (Sports) a sudden switching of directions of a running
      football player, a surfboarder, etc.
      [PJC]

WordNet (r) 3.0 (2006):

cutback
    n 1: a reduction in quantity or rate