Project funding drying up – are cuts coming?

Been hearing a lot of chatter lately about projects suddenly losing funding or having their scope significantly reduced. It's not just one or two, seems to be happening across multiple departments. My team's project, which was greenlit and seemed solid, is now facing major budget scrutiny. The justification is always 'efficiency' or 'strategic realignment,' but it feels like more than that. When I ask my manager, they're pretty tight-lipped, just saying 'we're adapting to the current economic climate.' It's making it hard to plan, and honestly, a bit unsettling. Is anyone else seeing their projects get the squeeze? Makes me wonder if this is a precursor to something bigger, like actual layoffs, or if it's just a really aggressive cost-cutting phase. Trying not to panic, but the signals are hard to ignore.