What is austerity in financial crisis today?

The term austerity means financial sacrifice; cutting back on spending, doing without things. Governments spend enormous amounts of money, and most governments have been spending more money than they are collecting in the form of taxes, resulting in ever increasing amounts of public debt. Some nations are now introducing austerity measures to reduce spending, because there is a limit to how much money they can borrow. At some point, if you cannot even afford to make the interest payments on your debt, you owe too much.