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What is a cutback?

What is a cutback? Here are some definitions.

Noun
  1. A reduction of some sort in an existing program.
  2. (surfing) Maneuver where the surfer turns and surfs back towards where the wave is breaking.
  3. (roofing) Solvent-thinned bitumen used in cold process roofing adhesives, cements and coatings.
  4. (soccer) An offensive pass played into a position further from the attacking goal line.
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Examples
With inflation running at around 4 per cent, ministers will regard this as a cutback in all but name.
Consumers could start to save more of their income in an effort to make up for stock losses, causing a cutback in spending.
What was the rationale behind the ludicrous decision to cutback on these schemes?
The cutback was in line with the March 1999 agreement among OPEC member countries to curb oil production for a period of one year.
Two newspapers were banned recently or at least one has had its circulation cutback from a weekly to a bimonthly and another banned completely.
These investors have been badly hit by the cutback in policy values and have lost substantial sums of money.

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