PAC - Morale and project pipeline feeling stagnant

Been with Pac-Corp for a few years now in the materials division. Lately, it just feels like the energy has drained out of the place. Projects that used to be exciting or at least moving forward seem to be stuck in limbo. Lots of 'wait and see' attitudes from management, which I get to some extent, but it's been like this for months. Heard some whispers about budget reviews, but nothing concrete. No official word on layoffs, and honestly, that's what's making this whole thing weird. It's not the immediate fear, it's the uncertainty. People are quiet in meetings, less collaboration. Feels like everyone's just trying to do their minimum to avoid attention, but also not sure what 'attention' even means right now. Is it good performance that gets rewarded, or is it just not being noticed if things go south? Anyone else in PAC feeling this general malaise? Is it just my department, or is this a company-wide vibe? Curious if others are seeing similar signs or if I'm overthinking it.