1814, from craunch (1630s), probably of imitative origin. The noun is 1836, from the verb; the sense of "critical moment" was popularized by Winston Churchill, whose first recorded use of it was in 1939.
n. a crisis; a time of pressure or tightness, especially of a budget. : The budget crunch meant that we couldn't take trips to Europe anymore.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition. Copyright 2007. Published by McGraw Hill.
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