1. A government policy or program aimed at reducing public spending and budget deficits, often involving cuts to public services, welfare programs, and government employment
The country implemented a strict austerity plan to address its economic crisis.
O país implementou um rigoroso plano de austeridade para enfrentar sua crise econômica.
2. A set of measures designed to reduce government expenditure and promote fiscal responsibility
The austerity plan included wage freezes and pension reductions.
O plano de austeridade incluiu congelamento de salários e redução de pensões.