cutback

[kuht-bak]
noun
1.
a reduction in rate, quantity, etc.: a cutback in production.
2.
a return in the course of a story, motion picture, etc., to earlier events.
3.
Football. a play in which the ball-carrier abruptly reverses direction, especially by starting to make an end run and then turning suddenly to run toward the middle of the line.
4.
a maneuver in surfing of heading the surfboard back toward a wave's crest.

Origin:
1895–1900; noun use of verb phrase cut back

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
cutback (ˈkʌtˌbæk)
 
n
1.  a decrease or reduction
2.  another word (esp US) for flashback
 
vb (when intr, foll by on)
3.  (tr) to shorten by cutting off the end; prune
4.  to reduce or make a reduction (in)
5.  chiefly (US) (intr) (in films) to show an event that took place earlier in the narrative; flash back

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
The cutback on their salaries would be much less than other people have to take
  anyways.
And the cutback in defense spending has slowed the economy and brought higher
  unemployment than anyone finds satisfactory.
Thousands of protesters went to the governor's office to protest some of the
  biggest cutback plans in the nation.
Dangerous in the open field with great cutback ability.
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