Today's CNN poll was this:
Quick vote
Are rising gas prices making you cut back on driving?
There is a noun that derives from this verb, "(a) cut back", and this word is very common in political and economic circles:
Government Cutbacks Spur More Layoffs
The verb is - (to) cut back on (something). Very similar to this is the verb (to) cut down on (something). Here are some other examples of these verbs from news headlines: