"Fiscal retrenchment" refers to the act of cutting back or reducing government spending. It is a strategy used to control budget deficits and reduce overall expenditure in order to achieve financial stability. Full definition
At a time of fiscal retrenchment in the West, the chance of that pledge being met in the form of additional development assistance is approximately zero. (e360.yale.edu)
Taking into account the extent of federal fiscal retrenchment over the past year, the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program as consistent with growing underlying strength in the broader economy. (alephblog.com)
However the prospect of ten years of fiscal retrenchment in some countries means they now know they will be poorer than their parents. (slaw.ca)