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"cutback in spending" is a correct phrase and it can be used in written English.
It is commonly used to describe a reduction or decrease in the amount of money being spent on something. Example: The government announced a cutback in spending on social welfare programs due to budget constraints.
Exact(9)
In the circumstances, an increase in interest rates could easily provoke a damaging cutback in spending by nervous consumers.
But the government's cutback in spending on state enterprises has left people struggling to meet the expensive outlays for the elaborate feasts associated with the Tet holiday.
The article cited a cruise operator that had filed for bankruptcy protection, and then said that even companies that were not close to the edge were imperiled by consumers' cutback in spending.
The company also blamed the cutback in spending by consumers for retail items.
He noted that the cutback in spending would affect print and digital revenue in the third and fourth quarters.
THE downturn in the economy that began last spring led to a severe cutback in spending on network television advertising.
Similar(47)
Such policies mean the slashing of government budgets, leading to cutbacks in spending on health care and education.
Cutbacks in spending on information technology in the United States were even sharper than expected this year and will continue to drag on the economy in 2002, the Giga Information Group, a market researcher, said.
Its cutbacks in spending since then have fallen more heavily on foreign than on domestic production.
Before Friday, it was unclear whether cutbacks in spending by businesses extended to jobs.
The sector has seen cutbacks in spending by major oil companies as they trim their costs.
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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