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1.
Colloquial. Mid-level management speak to descibe the lengthy and painfull process of winnowing first draft pie-in-the-sky budget submissions down to realistic numbers.

Seasonal. Typically occurs during the last quarter of a company's financial calendar.
Honey, I wont be home until after midnight. We've got another bludgetting session with the CFO.
by jstuart January 04, 2006