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moratorium [(mawr-uh-tawr-ee-uhm)] A period of delay agreed to by parties to a dispute or parties who are negotiating. A moratorium may also be an authorized delay in the repayment of a loan, especially by a nation (as in a moratorium on war debts). The New Dictionary of Cultural Literacy, Third Edition Copyright Â© 2005 by Houghton Mifflin Company.
(transitive) To shorten or abridge the duration of something; to truncate. When the audience grew restless, the speaker curtailed her speech. (transitive, figuratively) To limit or restrict, keep in check. Their efforts to curtail spending didn't quite succeed.