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English definition of “austerity budget”

austerity budget

noun [C]
 
 
ECONOMICS, GOVERNMENT
a budget in which a government announces that they will spend less money or do things that will make people spend less money, for example, increase taxes: The opposition party proposed an austerity budget that included tax rises and spending cuts.
(Definition of austerity budget from the Cambridge Business English Dictionary © Cambridge University Press)
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