"Significant cuts" refers to making substantial reductions or reductions of great importance. It means reducing something, such as expenses, funds, or quantities, by a notable or important amount. Full definition
We know we will need to make significant cuts in public spending and the arts sector will have to play its part in that. (theguardian.com)
64 per cent of head teachers are being forced to make significant cuts or dip into reserves to fill deficits, a survey has suggested. (educationbusinessuk.net)
Every government department would face significant cuts, except for defense and homeland security. (syracuse.com)