If the economy gets any weaker, it will be necessary for the government to tighten the national purse strings still further.
tighten the purse strings
To become less liberal with or more controlling of one's expenditures; to decrease the availability of money for spending purposes. After losing my job, I've had to tighten the purse strings quite a bit.We've been behind schedule ever since the boss decided to tighten the purse strings on our project.
tighten the purse strings
or
tighten your purse strings
If you tighten the purse strings or tighten your purse strings, you reduce the amount of money that can be spent. Election promises must be delayed while the government tightens its purse strings.