Avecinarse
 

English?
In the sense of caer encima, with all the spending cuts the PP is applying.

La que se nos avecina.

To approach. But in this context, I think the better option may be one of two adjectives which look like gerunds but of verbs which are at best obsolete: upcoming or oncoming.

Upcoming just implies that it's a future event. Oncoming has more of a disaster connotation - the train which is about to hit you.

And how do you say "la que se nos avecina"?
What is upcoming?

No, not really. I would guess at "that which is about to hit us"