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"spending reductions" is correct and usable in written English.
You can use it to refer to the act of reducing how much money is spent on something. For example: "The government proposed spending reductions in order to balance the budget."
Exact(60)
Republicans would get some guaranteed spending reductions.
"You have to make spending reductions.
It can be achieved with spending reductions.
Trump has offered few offsetting spending reductions.
For one thing, the spending reductions in Medicare.
The offsetting spending reductions he promised never materialized.
"These agency spending reductions, however, only represent a first step".
Some easy targets for spending reductions were missed.
Who would be most hurt by those spending reductions?
He has also called for massive spending reductions to Medicaid.
It will contain spending reductions we committed to last fall.
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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