Oscar and Tony say action is needed to cut bills (6)

I believe the answer is:

awards

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'oscar and tony' is the definition.
I can't judge whether this defines the answer.

'action is needed to cut bills' is the wordplay.
'action' becomes 'war' (military action).
'is needed to cut' indicates putting letters inside.
'bills' becomes 'ads'.
'war' inserted into 'ads' is 'AWARDS'.

'say' is the link.

Can you help me to learn more?

(Other definitions for awards that I've seen before include "Official prizes or payments" , "Tony and Oscar perhaps" , "Prizes found in a sad war, strangely" , "Prizes like Academy Oscars" , "Gives officially as prize" .)

I've seen this clue in The Telegraph.

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