Is it just me or are project budgets getting scrutinized heavily?

Been with Jacobs for a while now, working on several large-scale engineering projects. Over the past quarter, I've felt an intense level of scrutiny on project budgets that feels different than usual. Small expenses that were previously rubber-stamped now require multiple levels of approval, and there's a constant push to 'optimize' spending, which sometimes feels like just cutting corners. It's leading to some friction on the ground, as teams are struggling to get necessary resources approved in a timely manner. This is impacting timelines and, frankly, morale. People are spending more time on paperwork and justification than actual engineering work. I haven't seen any official comms about financial difficulties or anything like that, but this heightened budget sensitivity is definitely making me wonder what's going on. Are other project managers or team leads seeing this same pressure? Is this a company-wide initiative, or is it specific to certain business units or project types? Trying to gauge if this is a temporary belt-tightening or a sign of something more significant.