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Discover Ludwig"budget cut" is correct and widely used in written English.
You can use it to refer to a reduction in the amount of money budgeted for a particular purpose, e.g. "The company is facing a budget cut of 25%".
Exact(60)
A trillion-dollar budget cut?
"There's an immediate budget cut," Creamer said.
A budget cut, however, might be just the thing.
"The chemistry classes had their budget cut for Bunsen burners.
Less a budget cut, more a total destruction.
Suppose the games CFO demands a budget cut of 15%.
A federal budget cut might be painful for the organization.
The race announced a substantial budget cut in September.
We're expecting the state to announce a 10% budget cut.
The budget cut came as more of a surprise.
Palin's notes on her palm said Energy, Budget (Cut?), Tax, Lift American Spirits.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com