cut (someone something) to the bone
1. To cut or slice someone or something deeply. It was clear he needed to go to the emergency room—his arm had been cut to the bone. Mom asked me to cut the meat to the bone.
2. To reduce or decrease something significantly. The arts program at my alma mater has been cut to the bone. Our department needs to cut our spending to the bone this quarter.
cut (or pare) something to the bone
reduce something to the bare minimum.