COP - Budget cuts impacting project timelines?

Curious if anyone else is noticing a slowdown or reprioritization of projects within COP? My team's been told some initiatives are being "paused" or "re-evaluated" due to budget constraints. It's not a layoff announcement, per se, but it feels like the precursor. Budgets are always tight in this industry, but this feels different. More emphasis on "essential" or "short-term ROI" projects. Makes me a little nervous about long-term investment and, frankly, job security. Anyone else's department dealing with similar budget tightening or project delays? Wondering if this is a company-wide thing or isolated to certain areas. Trying to gauge the overall financial health and strategic direction from what we can see and hear. Appreciate any insights.