Also means
clipping
Usage Note
Recorte in economic and political discourse almost always means a budget cut or reduction in spending (recortes sanitarios, healthcare cuts). In everyday use it can mean a clipping from a newspaper or a piece cut from cloth. The plural recortes is the dominant form in political news. Derived from recortar (to cut back / to trim).
Examples
"Los recortes afectaron a la sanidad pública."
Natural Translation
The cuts affected public healthcare.

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