deficit reduction
noun[U]
ukusECONOMICS
theprocessofreducingtheamountby which a government'sspendingis more than themoneyitreceivesintaxes, etc.:
adeficitreductionpackage/plan/target
TheIMFbelievesthat theshort-termpainofdeficitreductionwill berewardedwithlong-termgainasinterestratesfallandresourcesarefreedup for use by the moreefficientprivatesector.